Jack in the Box CEO Lenny Comma has informed the chain's Board that he plans to leave the company. A succession plan is now under way to identify his successor, the company announced in a regulatory filing on Wednesday.
“I’m proud of what the company has been able to accomplish during my tenure as Chairman and CEO,” Comma said in a statement. “Since 2014, we’ve sold Qdoba, finished our evolution to an asset-light brand by completing our refranchising efforts, gone through a rigorous strategic alternatives process, completed a very complex $1.3 billion securitization transaction, dramatically strengthened our operations leadership bench, and recently concluded our ninth straight year of system same-store sales growth.”
He went on to say he's committed to working with the board to identify and work with a successor "who will continue to grow this exceptional brand."
The announcement comes as Comma, who has been with the company for 18, has been criticized by franchisees for not doing enough to reverse sluggish sales.
Lead director David Goebel said the company is working with Spencer Stuart to identify a leader from both an internal and an external pool of candidates.
"The Board is grateful for Lenny’s willingness to work with us to assure a seamless transition of his leadership role, and we will proceed diligently to find another world-class leader for the Jack in the Box organization," Goebel said in a statement.
San Diego-based Jack in the Box has more than 2,200 restaurants in 21 states and Guam.