Pizza Inn CEO steps down

June 7, 2012

Charlie Morrison has stepped down as CEO of Pizza Inn Holdings Inc., parent company of the Pizza Inn and Pie Five Pizza Co. concepts. He is pursuing another employment opportunity.

The company's board of directors announced that Clinton J. Coleman will serve as interim CEO, effective immediately.

The company will also immediately commence a national executive search for a permanent successor to assume the CEO role and manage its two growing brands.

"Charlie has been a great leader for Pizza Inn over the past six years, and we wish him well in the next step of his career," Coleman said. "The board thanks him for his service and we also look forward to a great future, continuing the strong trajectory of two strong brands in the pizza industry."

Coleman moves into the interim role having served on the board of directors for Pizza Inn since 2007. In that time, Pizza Inn has launched a new restaurant design, paying homage to its 53-year-old heritage, while also updating the look and decor of existing locations and opening new stores in development. Growth has extended to new domestic locations, new locations in China and record-setting sales at top U.S. franchises.

Additionally, the company rolled out a new fast casual concept with Pie Five Pizza Co. last year. Pie Five now includes six corporate-owned locations and is poised for further growth, targeting the top 75 metropolitan areas for expansion through multi-unit franchise agreements.

In a recent interview with Morrison, the outgoing CEO said Pie Five will change the way people think of pizza, since they're now able to choose faster options individually.

"We are in a great position for the next phase of business, and we are focused on choosing the right leader to build on our momentum with both concepts," Coleman added. "With an iconic brand in Pizza Inn and an award-winning fast casual brand in Pie Five Pizza Co., we are answering two unique and distinctive demands in the marketplace."

Coleman is a managing director of Newcastle Capital Management L.P., an investment firm that is Pizza Inn's largest shareholder. He has served in a variety of roles for several publicly-traded companies as a board member, chief executive officer and chief financial officer.

In's inaugural Top 100 Movers & Shakers, launched last month, Morrison was named a "Top 5 Person to Watch" for recognizing the growing fast casual market and spearheading the new Pie Five concept to be a leader in the segment.

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Topics: Italian/Pizza , Operations Management

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