P.F. Chang's to Lose its Co-CEO - Analyst Blog
Scottsdale, Arizona-based, P.F. Chang's China Bistro Inc. (PFCB) announced that its co-chief executive officer (CEO) Bert Vivian, will retire at the end of 2011.
P.F. Chang's, which owns and operates P.F. Chang's China Bistro and Pei Wei Asian Diner restaurant, appointed Vivian as co-CEO in January 2009, after his successful stint as president since December 2000. He joined P.F. Chang's as chief financial officer (CFO) in 1996.
Vivan played a key role in transforming a small Chinese restaurant company into a well known brand. Under his leadership, the company has scaled new heights. After his tenure of 15 years, Vivian has decided to retire from his post as P.F. Chang's is now well positioned for future growth, with the resurgence in the macro economy. The responsibilities of Vivian will be less during his transition period and he will adjust his compensation against his reduced responsibilities.
The restaurant company said that over the course of 2011,chairman and co-CEO Rick Federico will take the responsibility of the development team in addition to his existing duty as supervisor of operations, marketing and people services.
Additionally, Mark Mumford, CFO of the company will be in charge of the legal and supply chain management teams. He will also retain his current responsibility over finance and management information systems.
P.F. Chang's currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock.
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