Dive Brief:
- Jack in the Box has promoted Dawn Hooper to chief financial officer, the company announced Thursday.
- Hooper served as the company’s interim principal financial officer since October 2024, and filled that role for two other periods between 2020 and 2021 and again in 2023, according to a press release. Lance Tucker, who was promoted to CEO earlier this year, was the previous CFO.
- Jack in the Box has struggled in recent quarters with frequent same-store sales declines at the burger brand and at sister chain Del Taco. These performance problems are pushing the chain to accelerate the closure of underperforming stores and to contemplate a sale of Del Taco.
Dive Insight:
Given the sales declines facing Jack in the Box, Hooper will have to deal with significant challenges as permanent CFO. When Tucker was promoted to CEO earlier this year, he said the chain had to make capital allocation, cash flow acceleration and refranchising stores its fiscal priorities.
Hooper, who has been with Jack in the Box for 25 years, said in a statement that the company was at a pivotal moment, but that it had strong fundamentals.
“My focus will be on improving long-term financial performance, streamlining our business model, and positioning the company for sustainable growth in the years ahead,” Hooper said.
Tucker, in the same press release, expressed his confidence in Hooper.
“I’ve had the privilege of working with her throughout my tenure at the Company, including during my time as CFO from 2018 to 2020, when her guidance and partnership were invaluable. She has been instrumental in supporting the company through periods of transformation,” Tucker said.
In response to the sales challenges, Jack in the Box announced a “Jack on Track” turnaround initiative, which includes a reduction in spending on new company-owned units and a greater investment in tech and digital engagement, including the installation of ordering kiosks at 1,500 restaurants.
Jack in the Box has also tried to keep abreast of QSR value trends, with offerings like its Munchies Under $4 program and its Nashville Hot Chicken LTO. Del Taco has followed in Taco Bell’s footsteps on value in recent months, with new combo boxes.
Jack in the Box did manage to grow its same-store sales by 0.4% in fiscal Q1, which ended on January 19, though Del Taco’s sales also fell.
Despite anemic sales growth and occasional drops in same-store sales, Jack in the Box has continued signing new franchise agreements that would bring its brand to new markets.
