CALABASAS HILLS, Calif.--(BUSINESS WIRE)--May 11, 2018--
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced the
appointment of Scarlett May as Executive Vice President, General Counsel
and Secretary of the Company, effective May 14, 2018. She will succeed
Debby R. Zurzolo, who announced earlier this year her plan to retire. In
addition, the Company named Keith T. Carango as President of The
Cheesecake Factory Bakery Incorporated. He succeeds Max S. Byfuglin, who
retired from the Company in April.
“Scarlett is an accomplished legal executive with significant restaurant
industry experience, which will be an asset to The Cheesecake Factory,”
said David Overton, Chairman and Chief Executive Officer. “During
Keith’s 22-year career with the bakery, he has provided strategic
direction, operational excellence and financial stewardship, while
working closely with sales and marketing, which positioned him to be the
clear choice to lead the division forward. Both Scarlett and Keith will
be valued additions to our executive leadership team.”
Overton concluded, “On behalf of our Board of Directors, management team
and all of our staff, I want to thank Max and Debby for their
dedication, leadership and contributions throughout their tenures with
the Company. Joining The Cheesecake Factory 36 years ago, Max has played
an integral role in growing our bakery from its humble beginning to its
global position today. Nearly 20 years ago, Debby was named as our first
General Counsel and has been a trusted advisor ever since. She will
continue to sit on the board of The Cheesecake Factory Oscar and Evelyn
Overton Charitable Foundation. We wish them both the best in their next
chapters.”
Scarlett May joins The Cheesecake Factory Incorporated from Brinker
International, Inc. (NYSE: EAT), where she served as Senior Vice
President, General Counsel and Secretary. Prior, she was Senior Vice
President, Chief Legal Officer and Secretary for Ruby Tuesday, Inc.
following her earlier career in private practice. May received a J.D.
and B.A. from the University of Tennessee, Knoxville.
Keith Carango joined The Cheesecake Factory Bakery Incorporated in 1996
to lead manufacturing, and provide innovative solutions and continuous
improvement to the bakery operation. In his most recent role of Senior
Vice President and Chief Operating Officer, he oversaw strategic
planning, supply chain and procurement, manufacturing, distribution,
human resources, quality assurance and finance. Prior, he held
manufacturing and finance roles at Frito-Lay, Inc. and Prince Foods.
Carango received a B.S. from Penn State University.
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 214 full-service,
casual dining restaurants throughout the U.S.A., including Puerto Rico,
and Canada, comprised of 199 restaurants under The Cheesecake Factory®
mark; 13 restaurants under the Grand Lux Cafe® mark; and two
restaurants under the RockSugar Southeast Asian Kitchen® mark
(formerly known as Rock Sugar Pan Asian Kitchen®).
Internationally, 21 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 2018, the Company was named to the FORTUNE Magazine
“100 Best Companies to Work For®” list for the fifth
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 1, 2018 ©2018 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 comparable sales growth; provide a differentiated experience to
guests; outperform the casual dining industry and increase its market
share; leverage sales increases and manage flow through; manage through
industry cost pressures and stabilize 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; expand consumer
packaged goods licensing revenue; utilize its capital effectively and
continue to increase cash dividends and repurchase its shares; and
factors outside of the Company’s control including: economic and
political conditions that impact consumer confidence and spending;
impact of recently enacted tax reform; 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