Sbarro announces James Greco as President and CEO, effective immediately; former interim CEO Nicky McGrane leaving company to pursue other opportunities
MELVILLE, New York
January 31, 2012
– The Board of Directors of Sbarro, Inc., a leading Italian quick service restaurant company, today announced that James Greco, 54, has been named President and Chief Executive Officer, effective immediately. Greco was the former CEO of Bruegger’s Enterprises and credited by industry experts with the strong performance and growth of the 28-year-old national bagel bakery chain. Nicky McGrane, who has been serving as Sbarro’s interim President and CEO will be leaving the Company to pursue other opportunities.
In addition, J. David Karam, 53, formerly President of Wendy’s International, has agreed to serve as Sbarro’s new Chairman, and the Company has appointed two additional directors to its board, Desmond Hague, CEO of Centerplate, and David Wiggins, a turnaround expert. Karam takes over as Chairman from Michael Feder, a Managing Director at Alix Partners, a leading management consulting firm, who has served as Sbarro’s Interim Chairman since November 2011. Feder will continue as an advisor to the company.
“We’re extremely pleased to have attracted a top-tier talent like Jim to Sbarro,” Karam said on behalf of the Board. “Jim has outstanding credentials and will provide strong leadership as the company continues to grow. At the same time, we want to recognize the contributions that Nicky made as interim CEO. His stewardship during a difficult time for Sbarro was immensely valuable.”
McGrane led Sbarro through a successful Chapter 11 reorganization, with Sbarro emerging with significantly less debt and substantial liquidity to invest in future growth.
Greco, who partnered with Sun Capital to acquire Bruegger’s in 2003, served as CEO until the company was acquired by Groupe Le Duff SA, a leading French operator of bakery-cafes, in 2011. Sun Capital earned a return of 36% per year on its investment in Bruegger’s. While CEO, Greco successfully turned around the business, produced more than 20 consecutive quarters of positive same store sales and total sales growth, and completed numerous smaller acquisitions including the successful acquisition of Timothy’s World Coffee’s retail brands. In 2009, he was named Operator of the Year by Nation’s Restaurant News, one of the industry’s highest honors. Prior to Bruegger’s Bagels, Greco was CEO of Fieldbrook Foods Corporation for seven years, and he also served as Chief Operating Officer of Natural Country Farms for five years. Greco has a degree in Economics from Georgetown University and a law degree from the University of Miami.
“I am looking forward to the opportunity to lead and grow Sbarro,” Greco said. “As the company’s recent performance demonstrates, this is an iconic brand with a strong foundation upon which we can build.”
Karam was most recently the President of Wendy’s International. During his tenure at Wendy’s, Karam led a successful turnaround of Wendy’s, which included significant improvements in product quality, operational execution and brand profitability. Under his leadership, Wendy’s rose to become the second largest QSR Hamburger chain in the U.S., surpassing Burger King for the first time in Wendy’s 42 year history. Prior to joining Wendy’s in 2008, Karam was President of Cedar Enterprises, a Wendy’s franchisee, operating 150 Wendy’s restaurants in Indianapolis, Las Vegas, San Antonio, Hartford and Seattle.
While a franchise owner, Karam was recognized with the R. David Thomas Founders Award and the Diamond Award National Marketer of the Year. He was also recently inducted into Wendy’s Hall of Fame. Karam has a degree in accounting from Ohio State University and is a graduate of the Owner President Management program at Harvard Business School.
Hague is President and CEO of Centerplate, North America’s largest hospitality business, which operates in more than 40 states within convention centers, and the sports and entertainment industries. Prior to Centerplate, Hague was President of IHOP and a member of Dine Equity (NYSE: DIN), the world’s largest casual dining restaurant operator.
Wiggins has extensive turnaround management expertise, having worked as an Operating Advisor for a number of portfolio companies acquired by Pegasus Capital Advisors, L.P. since 1998. In this capacity, Wiggins served as Chairman and CEO of Hain Pure Protein Corporation, President and CEO of Halo Purely for Pets, and Chairman and CEO of Salerno Plastics Corporation.
About Sbarro, Inc.
Based in Melville, New York, Sbarro is the world's leading Italian quick service restaurant concept and largest shopping mall-focused restaurant concept in the world. Sbarro has more than 1,000 restaurants in more than 40 countries, and features a menu of popular Italian food, including pizza, a selection of pasta dishes and other hot and cold Italian entrees, salads, sandwiches, drinks and desserts. Additional information is available at http://www.sbarro.com/.
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