Company Names Matthew Clark CFO to Succeed Benn
CALABASAS HILLS, Calif.--(BUSINESS WIRE)--May 11, 2017--
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced that
Executive Vice President and Chief Financial Officer W. Douglas Benn
will retire from the Company on July 7, 2017. He will be succeeded by
Matthew Clark, who brings over 11 years of experience with the Company,
most recently serving as Senior Vice President, Finance and Strategy.
“On behalf of our Board of Directors, management team and all of our
staff, I want to thank Doug for his numerous contributions to The
Cheesecake Factory,” said David Overton, Chairman and Chief Executive
Officer. “He has built a strong finance infrastructure and team,
contributed to our significant growth over the past eight years, and
effectively communicated our story to our investors. Doug has been a
valued leader, colleague and friend, and we wish him well.”
Overton continued, “Our finance organization will be in excellent hands
under Matt Clark’s leadership. Matt possesses a deep understanding of
our business, as well as the broader restaurant industry, and is a
well-respected leader across the Company. Matt has a track record of
driving sound strategic decisions, rigorous financial management and
continuous process improvement. This appointment is part of our Board’s
long-term senior management succession planning efforts, and we are
confident that we will experience a smooth transition as Matt takes over
as Executive Vice President and Chief Financial Officer.”
Doug Benn, Chief Financial Officer, commented, “It has been an honor to
help lead this great brand and work alongside people who are so
passionate about serving others and upholding The Cheesecake Factory’s
culture of excellence. Matt has been critical to The Cheesecake
Factory’s strategy and success over the years so I am confident this
will be a seamless transition. In turn, the time is right for me to
pursue other interests, and I look forward to remaining active in the
restaurant industry and beyond in my next chapter.”
As Senior Vice President, Finance and Strategy, Matt Clark has overseen
the strategy, planning, treasury and risk management functions at The
Cheesecake Factory. He also supported investor relations as well as
corporate governance during his tenure, and most recently led the
Company’s minority investment in two external, high-growth restaurant
brands. Earlier in his career, he held a number of finance positions of
increasing responsibility at Groupe Danone, Kinko’s and The Walt Disney
Company. Clark received an M.B.A. from the University of Southern
California and a B.A. in Economics and Mathematics from the University
of California, Santa Cruz.
Doug Benn is a veteran of the restaurant industry having spent more than
25 years in management roles with restaurant companies. He joined The
Cheesecake Factory as Chief Financial Officer in 2009 and helped grow
the Company to over $2 billion in annual revenues while adjusted
earnings per share more than tripled. Benn also contributed to the
achievement of several milestones, including the Company’s international
expansion and the initiation of the Company’s dividend. Prior to joining
The Cheesecake Factory, he served as Executive Vice President and Chief
Financial Officer of RARE Hospitality International, which owned
LongHorn Steakhouse and The Capital Grille preceding that company’s sale
to Darden Restaurants, Inc.
About The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated created the upscale casual dining
segment in 1978 with the introduction of its namesake concept. The
Company, through its subsidiaries, owns and operates 208 full-service,
casual dining restaurants throughout the U.S.A. and Puerto Rico,
including 194 restaurants under The Cheesecake Factory® mark;
13 restaurants under the Grand Lux Cafe® mark; and one
restaurant under the Rock Sugar Pan Asian Kitchen® mark.
Internationally, 16 The Cheesecake Factory® restaurants
operate under licensing agreements. The Company’s bakery division
operates two bakery production facilities, in Calabasas Hills, CA and
Rocky Mount, NC, that produce quality cheesecakes and other baked
products for its restaurants, international licensees and third-party
bakery customers. In 2017, the Company was named to the FORTUNE Magazine
“100 Best Companies to Work For®” list for the fourth
consecutive year. To learn more about the Company, visit www.thecheesecakefactory.com.
FORTUNE and FORTUNE 100 Best Companies to Work For® are registered
trademarks of Time Inc. and are used under license. From FORTUNE
Magazine, March 15, 2017 ©2017 Time Inc. Used under license. FORTUNE and
Time Inc. are not affiliated with, and do not endorse products or
services of, The Cheesecake Factory Incorporated.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements, including uncertainties related to the Company’s ability to:
deliver consistent and dependable comparable sales results over a
sustained period of time; deliver increases in guest traffic; provide a
differentiated experience to guests; outperform the casual dining
industry and increase its market share; leverage sales increases and
manage flow through; increase margins; grow earnings; remain relevant to
consumers; attract and retain qualified management and other staff;
increase shareholder value; profitably expand its concepts domestically
and in Canada, and work with its licensees to expand its concept
internationally; support the growth of North Italia and Flower Child
restaurants; develop a fast casual concept; utilize its capital
effectively and continue to repurchase its shares; and factors outside
of the Company’s control including: economic and political conditions
that impact consumer confidence and spending; acceptance and success of
The Cheesecake Factory in international markets; the risks of doing
business abroad through Company-owned restaurants and/or licensees;
foreign exchange rates and potential changes in NAFTA and cross border
taxation; changes in unemployment rates; the economic health of the
Company’s landlords and other tenants in retail centers in which its
restaurants are located; the economic health of suppliers, licensees,
vendors and other third parties providing goods or services to the
Company; adverse weather conditions in regions in which the Company’s
restaurants are located; factors that are under the control of
government agencies, landlords and other third parties; and other risks
and uncertainties detailed from time to time in the Company’s filings
with the Securities and Exchange Commission (“SEC”). Investors are
cautioned that forward-looking statements are not guarantees of future
performance and that undue reliance should not be placed on such
statements. Forward-looking statements speak only as of the dates on
which they are made and the Company undertakes no obligation to publicly
update or revise any forward-looking statements or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required to do so by securities laws.
Investors are referred to the full discussion of risks and uncertainties
associated with forward-looking statements and the discussion of risk
factors contained in the Company’s latest Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed
with the SEC, which are available at www.sec.gov.
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Source: The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated
Stacy Feit, 818-871-3000
investorrelations@thecheesecakefactory.com