Perkins & Marie Callender's announces Jeffrey Warne as CEO, effective April 9; Warne to replace Joseph Trungale, who will be stepping down after eight years with company

Nevin Barich

MEMPHIS, Tennessee , March 27, 2012 (press release) – After an extensive nationwide search, Perkins & Marie Callender's, LLC, the nation's pre-eminent family dining restaurant company, has selected Jeffrey Warne to serve as its Chief Executive Officer effective April 9, 2012. Mr. Warne will also serve as a member of the company's Board of Managers. Joseph "Jay" Trungale will be stepping down as Chief Executive Officer after eight years with the company.

"We are pleased to welcome Jeff to the company as its new Chief Executive Officer," said Joseph Deignan, Chairman of the Board. "Jeff is a strategic and seasoned executive with a strong financial acumen. The board looks forward to working with Jeff to further strengthen the company's operations while taking the Perkins and Marie Callender's brands to a higher level of performance."

Mr. Warne has over 13 years of experience in casual dining, having served as the President and Chief Executive officer of O'Charley's Inc. and in numerous leadership roles with Carlson Companies, Inc., including President and Chief Operating Officer of Pick Up Stix, Executive Vice President and Chief Operating Officer of TGI Friday's International, and Chief Financial Officer of Carlson Restaurants Worldwide. He holds an MBA from the University of Chicago and a bachelor's degree from St. Cloud State University. Mr. Warne is a Certified Public Accountant (inactive) and a Chartered Financial Analyst.

"I have been given a tremendous opportunity," Warne said. "Perkins and Marie Callender's are superior brands with incredible potential. I am very excited to be joining the organization and look forward to working with the company's executive team, the board, and the company's employees and franchisees to continue to provide our guests personalized service and high quality food at a great value."

Mr. Warne succeeds Jay Trungale who has been with Perkins since 2004. "Jay's contributions to the company simply cannot be overstated. We are sincerely thankful for his steadfast leadership throughout the company's restructuring and wish him all the best in his new endeavors," said Mr. Deignan.

About Perkins Restaurants & Bakeries:
Founded in 1958, Perkins operates 428 restaurants in 34 states and five Canadian provinces. The Perkins system includes 132 company-owned and operated restaurants and 296 franchised units. The Company also has a baked goods manufacturing division which manufactures pies, pancake mix, cookie dough, and muffin batter for in-store bakeries and third-party customers. The combination of the Perkins Restaurant & Bakery chain with Marie Callender's occurred in 2006. Marie Callender's consists of 48 company and 35 franchised restaurants; it is famous for its fresh-baked pies and has a national presence through its licensed supermarket frozen entree lines. Private investment funds managed by Wayzata Investment Partners LLC are the majority owners of Perkins & Marie Callender's Holding LLC, the parent company of the Perkins & Marie Callender's group of companies. More information can be found at http://www.perkinsrestaurants.com.

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