DineEquity Inc. chief financial officer Thomas Emrey has resigned, effective March 15, and controller Greggory Kalvin will serve as interim CFO, the company said Wednesday.
Emrey is leaving the Glendale, Calif.-based parent of Applebee's Neighborhood Grill & Bar and IHOP to accept the CFO position at Munchkin Inc., an infant products lifestyle brand, DineEquity said as it released fourth-quarter earnings.
Longtime DineEquity CEO Julia Stewart announced her resignation on Feb. 17, and Richard Dahl, DineEquity chairman, assumed duties as interim CEO.
For the fourth quarter ended Dec. 31, net income fell 15.8 percent, to $21.3 million, or $1.18 per share, from $25.4 million, or $1.35 per share, in the prior-year quarter. Revenue declined 10 percent, to $154.2 million, from $171.3 in the same quarter last year.
The company said IHOP's same-store sales declined 2.1 percent in the fourth quarter, and Applebee's domestic same-store sales declined 7.2 percent.
"While this has been a challenging period for the industry, particularly for casual dining and Applebee's, I have confidence in our brands, our franchisees and our team members," Dahl said in a statement.
In the fourth quarter, Applebee’s closed 19 domestic franchised restaurants and one international franchised unit, the company said. Nine new Applebee’s locations opened, leaving the brand with 2,016 units at the end of the quarter.
IHOP closed two domestic restaurants in the quarter and opened 26 units, leaving it with 1,733 units at the end of the quarter.
Regarding Emrey’s resignation, Dahl said: "On behalf of everyone at DineEquity and our board of directors, I would like to thank Tom for his many contributions during his tenure as CFO. Tom has been a valued member of the DineEquity executive team for more than five years. We wish him much success in his future endeavors."
DineEquity has Applebee’s and IHOP restaurants in 18 countries.
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