Andy McCue, former chief executive officer (CEO) of bookie Paddy Power, is to take over the helm at Restaurant Group PLC (LON:RTN).
The Frankie & Benny eateries operator has hurriedly whisked its old CEO, Danny Breithaupt, out the door and set the table for McCue, having decided that a new leader is needed to implement the initial actions outlined in its operating strategy review.
The group’s chairman, Debbie Hewitt, said Breithaupt had “fully participated in the review of our operating strategy in a professional, conscientious and thorough way,” and the parties had agreed it was now a good time to hand the reins over to someone new.
The market reacted well to the news, pushing the shares up almost 10%, having apparently lost faith in Breithaupt after a profit warning from the restaurants owner back in April.
At that time finance chief Stephen Critoph, who had been with the company for 11 years, walked the plank, and now Breithaupt has also been cast overboard, after 15 years with the company.