Ruby Tuesday Inc. said Aziz Hashim, founder and managing partner of NRD Capital, would serve as interim CEO as the company searches for a permanent successor to Jim Hyatt, who has served as CEO and president.
The Maryville, Tenn.-based casual-dining company, which completed its $335 million going-private sale to Atlanta-based NRD Capital earlier Thursday, said the executive change is effective immediately. Hyatt had served as CEO since April.
“It is our belief that by leveraging the brand’s core strengths – investing in its people and product, exploring new opportunities for growth, and executing operational excellence initiatives across the company – Ruby Tuesday can once again generate excitement with diners,” Hashim said in a statement.
Hashim, who served as chairman of the International Franchise Association from 2016-2017, founded NRD Capital in 2014. He oversees the firm’s strategy and is active in its investments, which include Fuzzy’s Taco Shop, Frisch’s Big Boy, Mike’s Kitchen S.A. and FundRx.
Prior to NRD Capital, Hashim founded NRD Holdings in 1996 as a franchise development and holding company, which included such brands as Popeye’s, KFC, Taco Bell and Domino’s Pizza.
NRD in July said its Frisch’s Big Boy and Fuzzy’s Taco Shop holdings generated $450 million in annual system revenues from 220 locations in 12 states.
As of Dec. 1, Ruby Tuesday owned and franchised 596 Ruby Tuesday restaurants in 41 states, 14 other countries and Guam. Of those, the company owns 541 Ruby Tuesday restaurants and franchises 55 units.
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