HEATHROW Fla. Craig Miller said he was fired yesterday as chairman, chief executive and president of Ruth’s Chris Steak House Inc., the luxury dining company he steered through an initial public offering and the recent $92-million acquisition of several other upscale brands from Cameron Mitchell Restaurants.
Ruth’s Chris confirmed in a statement issued yesterday that Miller had parted with the company, but did not cite a reason. Miller told the Orlando Sentinel that he was fired. “I’m shocked,” the industry veteran told the paper. “It’s not every day you get terminated without cause.”
The Sentinel reported that the board had been displeased with Miller’s financial stewardship of the company, and had voted to deny him and his executives their bonuses for 2007.
The steakhouse company said Robin P. Selati, managing director of Madison Dearborn Partners, has assumed Miller’s duties as chairman. The private-equity firm is Ruth’s Chris’ largest shareholder.
Until replacements as CEO and president are found, the Ruth’s Chris said, the company will be steered by an executive committee consisting of Geoffrey Stiles, executive vice president and president of the Ruth’s Chris chain; Damon Liever, EVP and president of Mitchell’s Fish Market, the largest brand acquired from Cameron Mitchell; Robert Vincent, EVP and chief financial officer of the parent company; Thomas E. O’Keefe, EVP and chief legal and compliance officer; and Bannus B. Hudson, an outside director serving as chairman of the committee.
Ruth’s Chris has suffered from the casual-dining market’s severe traffic slump, and has paid a severe price on Wall Street. The company’s share price has reportedly dropped 70 percent in the last year. It’s net profit dropped 61 percent during the fourth quarter of 2007, when same-store sales fell year-over-year by 5.6 percent.
Miller, 58, joined Ruth’s Chris in March 2004 after serving in top-level positions at a number of restaurant companies, including Uno Chicago Grill parent Uno Corp.
The company operates 121 restaurants.