By sending DineEquity Inc.’s stock plunging 26% Tuesday, investors racheted up the pressure on the new owner of Applebee’s to deliver on its ambitious turnaround plans for the nation’s largest sit-down restaurant chain.
The selloff came a day after the company announced that Chief Financial Officer Thomas Conforti had resigned, effective immediately. The company, which also owns the IHOP pancake chain, said Mr. Conforti left to “pursue other opportunities.” It said it agreed to give the departing executive a year’s salary, plus his average annual bonus and a one-year car allowance, among other things.
Mr. Conforti’s exit and the subsequent plunge in the stock raise doubts about how successfully DineEquity is digesting one of the biggest restaurant acquisitions in recent years. Last year, the company, then known as IHOP, agreed to buy Applebee’s for $2 billion in a complex deal Mr. Conforti helped to engineer. It was considered a bold move because IHOP had about half of the market capitalization of Applebee’s, and top executives at Applebee’s had claimed the deal was unfair to its shareholders.
e² Young Engineers
Build Your Tomorrow. Today! CLICK HERE TO VISIT OUR WEBSITE Background: We are e² Young Engineers Young Engineers enrichment programs combine education + entertainment = edutainment. We created a variety of different programs that can be used to teach science, technology, engineering, math (STEM). Children joining our educational community can learn and enjoy arithmetic, physics, […]
Motiply Mobile App Business
Make Money – Start a MOBILE APP Business Mobile websites are hot and in demand like never before thanks to the explosion of mobile devices such as smartphones and tablets. Businesses are paying BIG money for mobile website and app design and now YOU can get a piece of the action! The With our training […]
Open A Boutique