CYPRESS Calif. Steve Tanner, executive vice president and chief financial officer of Real Mex Restaurants Inc., is planning to step down in February and the company has begun the search for his replacement, Real Mex said this week.
Tanner, who is scheduled to depart the company Feb. 12, 2010, has been with Real Mex for five years.
The Cypress, Calif.-based operator and franchisor of such concepts as Chevys Fresh Mex, El Torito Restaurants and Acapulco, Real Mex changed hands in late 2008 when Sun Capital Partners Inc. relinquished control to private-equity firm Kohlberg Kravis Roberts & Co., along with hedge funds Farallon Capital Management and Canyon Capital Advisors in a debt-to-equity swap.
In April, the new owners brought in as chief executive Richard “Dick” Rivera, a former top executive with Darden Restaurants Inc. and former chair of the National Restaurant Association. Rivera replaced Tanner, who at the time was serving as CFO and interim chief executive after the departure of Fred Wolfe in December 2008. Tanner, however, maintained his role as CFO.
In a statement, Rivera said, “Steve has made numerous contributions to Real Mex Restaurants over the past five years, not the least of which included the sale of the company to a new equity sponsor and refinancing the company’s debt. I want to thank him for his efforts and hard work on behalf of the company and wish him well in his future endeavors.”
Rivera added, “I also appreciate Steve’s willingness to stay on and help with the FY 2010 planning process and the completion of the year-end financial close.”
The largest full-service Mexican chain operator, Real Mex’s portfolio includes 187 corporate restaurants and about 27 franchise and 11 international units under the various brands, which also include El Torito Grill, also sometimes called Sinigual.
Contact Lisa Jennings at [email protected].