News

Noodles & Company CEO steps down

July 26, 2016

Noodles & Company CEO Kevin Reddy is stepping down, effective immediately, according to a company press release. The company selected Dave Boennighausen as its interim CEO and Kevin Reddy as chairman of the board. The board of directors said they initiated a search, according to the release, among candidates both inside and outside the company to serve as the brand's permanent CEO.

"After many years with this great company, I have decided that it is the right time in my career to pursue new personal and financial opportunities," Reddy said in the report.  "I am honored to have worked with a remarkable team that has successfully positioned Noodles & Company as a unique brand and achieved significant growth to bring the concept to over 60 million guests around the country. I am looking forward to finding that elusive balance we all seek between personal goals and dreams and the right business opportunities that make them possible."

Hartnett, according to the release, has over 40 years of restaurant experience, most recently selling Houlihan's Restaurants and overseeing Einstein Brothers bagels. Boennighausen was the CFO of Noodles & Company, beginning 2012.

"I am pleased to welcome Bob Hartnett to the Company's board of directors," Scott Dahnke, Noodles & Company's lead independent director, said in the report. "He is a seasoned leader within the restaurant industry and possesses a broad set of skills that I believe will be a tremendous asset not only to our board, but also to our senior management team as we move forward.  We also look forward to continuing to work closely with Dave as interim Chief Executive Officer. Through numerous roles, including as a member of the Noodles & Company board of directors, he has been a valuable contributor to the growth of the Company.  We are confident that he is the right person to lead Noodles & Company during this period of transition.

Noodles & Company also revealed estimated numbers and statistics for the thirteen-week second quarter, which ends on June 28, 2016. Revenue was estimated to be about 121 million, restaurant sales decreased 0.9% for corporately-owned restaurants and 2.1 percent franchises, as well as 1 percnet company-wide.

The brand also estimated restaurant contribution margin to be approximately 13.5 percent and is expected to announce financial results on Aug. 4, 2016.