J. Alexander’s will have a new CEO for the first time in more than 30 years.
The Nashville-based company, which operates J. Alexander’s, Redlands Grill and Stoney River Steakhouse, on Monday said that longtime CEO Lonnie Stout would become executive chairman.
Mark Parkey, the company’s chief financial officer, has been named president and CEO, and Jessica Hagler was named CFO.
The changes will be effective May 1.
Stout has been part of J. Alexander’s Holdings or its predecessors for parts of five decades since joining the company in 1979. He was named CEO of J. Alexander’s in 1986 and kept that role through the company’s 2012 sale to Fidelity National Financial and its subsequent spinoff in 2015.
“It has truly been a joy to serve the company and lead this outstanding management team,” Stout said in a statement. As executive chair, Stout will lead J. Alexander’s board of directors and will work with Parkey on “longer-term business and strategic initiatives.”
Stout said that Parkey would be an “outstanding” CEO given his experience, focus and integrity.
“Mark and Lonnie have worked well together for a number of years and we believe this transition will be seamless for our shareholders,” Frank Martire, who will become lead independent director for the board, said in a statement.
As part of the changes, Chief Operating Officer Mike Moore will take on additional operational responsibilities.
Parkey has been with J. Alexander’s or its predecessors since 2013 but has held various positions with the company since 1993.
Hagler, meanwhile, has been the company’s chief accounting officer since 2015 and has held various positions since 2010.
J. Alexander’s operates 46 restaurants in 16 states.