TGI Fridays CEO Ray Blanchette is leaving the company effective immediately as Fridays “enters a new phase of revitalization,” the company announced Thursday afternoon. As TGI Fridays starts to look for a replacement, Rohit Manocha, chairman of the board and cofounder of Fridays’ primary investor TriArtisan Capital Advisor, will serve as interim CEO.
"We are deeply grateful for Mr. Blanchette's contributions over the last several years,” Manocha said in a statement. “We wish him the best of luck in his future endeavors, and we look forward to building on the legacy he has left to take Fridays to new heights.”
Blanchette served as CEO of TGI Fridays for five years, leading the company through a pandemic, global growth, investment in virtual restaurant brands, and more. The company did not indicate where he will be heading next.
“TGI Fridays is beginning a new phase of revitalization, innovation, and value creation,” Manocha continued. “We are turning our focus towards growth and creating relevance with today's consumers because we believe there is significant upside potential. Under Ray's leadership, the brand's performance has improved, and he built a strong operating culture that will carry us forward as we pursue new territories. Thanks to the hard work and dedication of all of our team members, Fridays is well positioned for success as we look toward the future."
According to Fridays, the company has hired a global executive search firm to search for a new CEO and is taking both external and internal candidates into consideration.
TGI Fridays currently operates 700 restaurants in 52 countries.
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