Rave Restaurant Group Inc., parent to the Pizza Inn and Pie Five Pizza Co. brands, has named Scott Crane as CEO, the Dallas-based company announced Monday.
Crane succeeds interim CEO Clinton Coleman, who had served in the role since July when former Rave CEO Randy Gier stepped down.
“Scott is dynamic leader with a proven track record of growth with success,” said Mark Schwarz, Rave chairman, in a statement. “Scott’s restaurant industry focus has led to a succession of managerial roles of progressively greater responsibility and achievement throughout his career.”
Crane joined Smashburger in 2007 when it had two units and led development to 330 restaurants in in 35 states and seven countries.
Coleman, who remains a Rave board member, added that “to support the company’s continued growth under Scott’s leadership,” the company recently announced a $3 million rights offering that is expected to be completed in February.
“I am excited to be joining RAVE at this particular time and look forward to leading it into the next phase of success and delivering results for its guests, employees, franchisees and all stakeholders,” Crane said in a statement.
Rave in November reported that same-store sales for its 92-unit fast-casual Pie Five brand fell 14.7 percent in the first quarter. Domestic same-store sales at Pizza Inn increased 0.2 percent in the period.
The company’s first-quarter loss widened to $1.5 million, or 14 cents per share, from $557,000, or 5 cents per share, the previous year. Charges were taken from expenses related to restaurant closings. Revenue rose 6.3 percent, to $15.5 million, from $14.5 million the previous year.
In the first quarter, franchisees opened six new Pie Five restaurants. The company closed one owned location, and a franchised unit also shuttered in the quarter.
Rave has more than 300 restaurants across the Pie Five and Pizza Inn brands.
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