Jack in the Box Inc.'s
) wholly owned subsidiary, Qdoba Restaurant Corporation, recently
announced that it's President & Chief Executive Officer (CEO)
Gary J. Beisler plans to retire. However, he will hold his
position until the company finds his successor.
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Former CEO, Beisler joined the largest Mexican fast-casual chain in
the U.S. as chief operating officer in 1998, three years after the
company was founded. He assumed the position of president in 1999
and of a CEO in 2000. Later in 2003, Jack in the Box acquired the
Beisler had an association of 14 years with Qdoba and played a key
role in the growth of the brand. Under his leadership, the company
expanded from 85 units in 16 states to more than 600 restaurants in
42 states and the District of Columbia.
On the same day, the company announced that Jeffrey Wood has been
named as the vice president and chief development officer, which is
a newly created position for the Qdoba brand. In his new role, he
will be responsible for the development of the brand through both
company owned outlets as well as franchising.
Wood has donned many important roles in his illustrious career.
Previously, he was the Senior Vice President and Chief Development
Officer at Dave & Buster's Holdings, Inc. - a renowned American
restaurant and entertainment company- from 2006. Prior to that, he
held the post of the Vice President of Restaurant Leasing at
Simon Property Group
) - a commercial real estate company.
With his rich 27 years of experience in the restaurant industry,
Wood can easily be tagged as a veteran of that sector. A number of
leadership positions held at
Brinker International, Inc.
), coupled with an enriching experience with Carlson Restaurants
Worldwide, Inc. also vouch for his expertise.
Management is hopeful that Wood's vast know-how and expertise
regarding restaurant development will add value to Qdoba's growth
during his tenure. In the recently concluded second quarter of
2012, same-store sales at Qdoba's restaurant were up 2.1%, driven
by a 3.3% upside at company-owned restaurants and a 0.9% rise at
franchised restaurants. Thus, the brand remains popular and Wood
needs to capitalize on this opportunity to enhance the brand
Apart from the above mentioned changes, this year, Jack in the Box
underwent other executive changes as well. In August, Terri Funk
Graham, the company's senior vice president and chief marketing
officer, resigned from his position after 22 years.
San Diego-based Jack in the Box owns total of 2,247 Jack in the Box
and 614 Qdoba restaurants, at the end of the second quarter. The
company currently carries a Zacks #3 Rank, implying a short-term
'Hold' rating on the stock. We are maintaining our long-term
'Neutral' recommendation on the stock.