OSI Restaurant Partners LLC said Friday that David Deno will be the company’s new chief financial officer and executive vice president. He will also hold those positions at OSI’s parent company, Bloomin’ Brands Inc.
Deno, whose appointment is effective May 7, will replace OSI’s current chief financial officer, Dirk Montgomery, who will transition to the new role of chief value chain officer. He will be responsible for all areas of financial reporting as well as business analytics and strategy, the company said.
“David is a seasoned global executive with extensive finance, operations and business development experience and will be an excellent addition to the executive leadership team,” Liz Smith, OSI’s chairman and CEO, said in a statement. “We’re committed to expanding our world class team to accelerate our long-term growth strategy. David’s background and experience will be invaluable in that process, while we also maintain continuity as Dirk transitions to the new role of chief value chain officer.”
Deno previously worked at Best Buy, where he was its Asia president and chief financial officer of the company’s international division. Prior to that he worked with two private equity firms and also spent 15 years with PepsiCo and its restaurant spin-off Yum! Brands, holding CFO positions at Pizza Hut, Yum! Restaurants International and Yum! Brands.
“I have spent my career in the retail and restaurant businesses. I have also been fortunate to be able to work on businesses throughout the United States and the world,” Deno said in a statement. “I’m looking forward to joining one of the largest casual-dining restaurant companies in the world and building upon the company’s positive momentum.”
In March, Tampa, Fla.-based Bloomin’ Brands Inc. filed for its initial public offering and expects to raise $300 million, which it will use to pay off a $248 million debt.
The filing marked the second restaurant company to consider going public in 2012. In January, Del Frisco’s Restaurant Group LLC—operator of the Del Frisco’s, Sullivan’s and Del Frisco’s Grille brands—filed its initial public offering, expecting to raise $100 million.
2011 saw only one IPO from a restaurant company, held by Dunkin Brand’s Inc., which filed in July and raised around $423 million.
Bloomin’ Brands owns and operates 1,248 restaurants under the Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse and Wine Bar brands, and has an additional 195 restaurants under franchise or joint venture agreements. The company also owns a minority interest in the Roy’s Hawaiian Fusion brand.
Contact Charlie Duerr at [email protected].