Rave Restaurant Group’s CEO Randy Gier is stepping down, according to a press release from the company that owns 300 Pie Five and Pizza Inn units. Clinton Coleman, a member of the company's board of directors, has been appointed interim CEO, and the board has retained the executive search firm Heidrick & Struggles to conduct a search for a permanent CEO.
"On behalf of the Board, I would like to thank Randy for his leadership and important contributions to the evolution and growth of the Pie Five concept," said Mark Schwarz, chairman of the company. "Pie Five has become a clear leader in the fast casual pizza segment and is now ready for the transition to a new phase of leadership as it continues on its path of rapid growth, scalability and greater operational efficiencies. Both Rave brands, Pizza Inn and Pie Five, possess exciting opportunities for future development."
Coleman has served on the company's board for nine years and has worked closely with the management team to develop the company's growth strategies. He is a managing director of Newcastle Capital Management, which is the general partner of the Company's largest shareholder. He also previously served as CEO of Bell Industries and interim CEO of Rave.
"I look forward to working more closely with Rave's team as the Pie Five concept continues to expand across the country and the long successful Pizza Inn brand continues to reenergize its growth," said Coleman. "This year we have further deepened our management talent and I'm confident that we will make progress on our initiatives during this interim period."
Gier said he's proud of the company's progress.
"I will be rooting from the sidelines as I pursue the next chapter in my career," he said.
As of press time, Gier had not responded to FastCasual's request for comment.