Rave Restaurant Group, the parent company of Pizza Inn and Pie Five, has promoted Clint Fendley to CFO, it announced Thursday.
Fendley had been the company’s vice president of finance since January 2020.
Since his hiring, he has helped the struggling company regain compliance with NASDAQ, hire new auditors and improve Rave’s finance controls, forecasting and analytics, the company said.
“Rave has posted four consecutive profitable quarters while running a buffet during a pandemic,” President and CEO Brandon Solano said in a statement. “This is our most consistent quarterly earning streak in nearly a decade … The CFO title befits Clint’s contributions to our business and the esteem in which he’s held.”
Before working for Rave, Fendley served on finance and data analytics teams at 7-Eleven. Fendley, a CPA, also was a research analyst with Davenport & Company, LLC, an investment advisory and wealth management firm.
Fendley takes over the CFO post starting July 5.
Dallas-based Rave was having traffic and sales difficulties pre-pandemic. And its unit counts continue to shrink. For the quarter ended March 28, buffet concept Pizza Inn had 137 U.S. restaurants, down from 142 the quarter prior. Pie Five ended the quarter with just 35 stores. In 2019, the fast casual had 58 units.
“As CFO, my main objective will be to drive value for our franchisees and shareholders, while helping my team learn and thrive in this dynamic industry,” Fendley said in a statement.
Former Rave CFO Timothy Mullany took over the same title at Jack in the Box early this year.