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Big News
Cosi Cans Another
The turnaround that Cosi so desperately desires has slipped ever farther from view.
Cosi, Inc. Announces Leadership Changes - Chief Financial Officer Resigns Effective September 23, 2016, and Company Terminates CEO Effective Immediately.
BOSTON, Aug. 22, 2016 (GLOBE NEWSWIRE) -- Cosi, Inc. (NASDAQ:COSI), the fast casual restaurant company, announced today that, on August 16, 2016, its Chief Financial Officer, Miguel Rossy-Donovan, submitted his resignation effective September 23, 2016 to accept the position of CFO at another company. The Company also announced today that its Board of Directors has terminated RJ Dourney as Chief Executive Officer & President, effective immediately. Patrick Bennett, a member of the Board of Directors, will serve as interim Chief Executive & President working in close conjunction with the full Board while the Company conducts a search for a permanent CEO.
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Viewpoint
Say it isn't so......a restaurant recession
by Bob Gershberg, CEO/Managing Partner Wray Executive Search
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Bob Gershberg
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The analysts are turning tepid. Stifel Nocolaus analyst, Paul Westra downgraded eleven restaurant companies, including Chipotle, Darden, Panera, Cheesecake and BJ's to sell ratings. Worse yet, he believes slowing restaurant sales are the "canary that lays the recessionary egg". Westra said "we confidently believe" that a recent Stifel survey showing restaurant-industry sales decelerating "simultaneously" across all categories "is a harbinger to a U.S. recession in 2017." Westra said restaurant stocks have dropped by an average of 23% in the three to six months before the start of the past three recessions, while the S&P 500 index SPX, has declined 10%.
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Quotes
I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion.'
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Muhammad Ali
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Financials
Restaurant Recession? Just the Facts, Please
by John A. Gordon, principal and founder of Pacific Management Consulting Group
On July 26 2016, the Stifel Restaurant Team wondered in writing if we were in a restaurant recession, as a possible harbinger for a US recession coming up. They noted negative same store sales trends and the lack of restaurant pricing power, among other problems. Is a restaurant recession really happening? Full Article » |
Financial Edge
"Nothing to Fear, but Fear itself..."
by David Ulrich, EVP Wray Executive Search
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David Ulrich |
The restaurant industry always seems to be in a constant state of flux between commodity prices, wages, and the fickle demand of consumers that can change on a dime. Despite all the good news with commodity prices keeping at bay for much of this year, rising wages combined with a flattening of same store sales traffic will make interesting board meetings once people are back from vacation after Labor Day.
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Resignation Tips
by Rebecca Patt, SVP Development, Wray Executive Search
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Rebecca Patt
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For most people who have been loyal employees, accepting a new job offer and quitting their current job is an exciting and scary time. Emotions run high, and it's not surprising that some people aren't sure how to handle the resignation process. After all, quitting your job is probably something you don't have much practice with. Here are our tips to help with a smooth resignation:
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Talent Matters
PXT SELECT™ - A Partnership Built to Serve Our Clients
by Tom Rollert, Vice President of Culture Integration, Wray Executive Search
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Tom Rollert |
Wray Executive Search has officially joined the PXT Select™ Authorized Partner Network and can now provide PXT Select™ assessment solutions to organizations throughout North America. PXT Select is a next generation selection assessment that makes the very human decisions about hiring simpler and smarter. As a PXT Select™ Authorized Partner, Wray Executive Search plays an active role in sustaining and promoting the value of assessment solutions and is dedicated to helping our clients onboard the best fit.
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