From start to finish, 2024 was a year of dramatic executive changes for the restaurant industry. Sliding sales and traffic put pressure on many chains to find new strategies and new leaders, while other brands saw longtime leaders depart or retire.
Many sought talent from outside the restaurant industry. In January, in one of the year’s first major CEO moves, Todd Penegor left Wendy’s and was replaced by Kirk Tanner of PepsiCo. Penegor later ended up at Papa Johns as CEO. In August, Bloomin’ Brands announced Delta Airlines COO Michael Spanos as its next CEO to replace the outgoing David Deno, who’d spent more than a decade at Bloomin’, including five years as CEO.
Other chains also saw the departure of long-tenured executives. Whataburger CEO Ed Nelson had been with the burger chain for 20 years, including four in the top job, when he announced his retirement in September. Randy Garutti, who left Shake Shack in the spring, had led the fast casual burger brand since 2011. Charlie Watson, CEO of the 1,500 unit Tropical Smoothie Cafe for six years, announced his departure in November. He will be replaced by Max Wetzel, formerly CKE’s CEO.
The departure of Chipotle’s long-tenured CEO, Brian Niccol, and his replacement by Scott Boatwright, was a sudden transition. While Boatwright has been tasked with keeping Chipotle’s long-term strategies steady, Niccol moved to Starbucks to oversee that brand’s badly needed turnaround. Part of the reason for Niccol’s hiring was the role he played in reviving Chipotle’s fortunes. Subway’s outgoing CEO, John Chidsey, likewise oversaw a concerted effort to remake a massive brand, and his interim successor, Carrie Walsh, will likely continue with that program.
But few brands are as in need of an overhaul as Red Lobster, which filed for Chapter 11 earlier this year. As it finished the bankruptcy proceedings, the beleaguered brand named Damola Adamolekun as its leader, and has since embarked on a partial reinvention and a C-suite overhaul.
Outside of the CEO post, and therefore beyond the immediate scope of this roundup, there were a number of major changes. Both Wendy’s and Chipotle saw longtime chief financial officers announce their departure. Jack in the Box is eliminating its COO position, while Denny’s former COO Christopher Bode returned to the diner chain after two years at CKE. Meanwhile, CKE’s appointment of brand presidents heralded a broader shift towards distinctive brand identities for Carl’s Jr. and Hardee’s.
As the end of the year approaches, take a look back at 10 of the major CEO changes in restaurants, which paint a picture of an industry at a pivotal point.
