Red Robin has a new CEO.
G.J. Hart is stepping down from the helm of the casual-dining chain after more than two years as CEO, Red Robin announced Thursday.
David Pace, who has been chair of the board since November 2019, has been named president and CEO, though Hart will be staying on in an advisory capacity through September.
“It has been a privilege to lead such an iconic brand over the last two-and-a half years,” Hart said in a statement. “Together we have made important strides in strengthening the essential foundation of great food and great service, and I look at our progress with immense pride.
Hart said key elements of Red Robin’s transformation were in place, and the chain had reached a “natural inflection point.”
Hart’s “North Star” plan to improve the business was showing signs of bearing fruit at the 500-unit chain in the fourth quarter, with same-store sales up 3.4%. In February, the company said it plans to close most of about 70 underperforming company-owned restaurants over the next five years, starting with about 10 to 15 locations this year.
“I am confident that the company is in great hands with Dave to lead the next phase of this journey,” Hart added. “Dave and I have built a trusted, long-standing relationship, and I know that his knowledge of our industry is second-to-none. I look forward to our continued collaboration throughout the transition period to best position the company for its next chapter.”
Pace is an industry veteran who has held multiple board roles. He was co-CEO of Tastemaker Acquisition Corp., a special purpose acquisition company (SPAC) focused on restaurants and technology, from 2020 to 2023.
He is also a former CEO of Jamba, which he led through a repositioning and tripled profit, the company said. And he is a former president of Carrabba’s Italian Grill, where he oversaw operational changes, margin improvement and profit growth.
Allison Page, chair of the board’s nominating and governance committee, said Pace has a deep understanding of Red Robin’s business and is ideally positioned to lead the company through the ongoing transformation and beyond.
“The board and I believe that the company will benefit from Dave’s extensive industry expertise as we continue to further strengthen our operations, in-restaurant guest experience and financial performance.”
Pace gave some hints on his plans, saying he will be working with the team to enhance marketing, re-invest in facilities to increase guest engagement and grow traffic.
“Additionally, we will be working to build our overall financial strength, reduce our debt and increase our operating flexibility,” he said. “At its core, Red Robin business is strong, and through continued focus and execution, I am confident we will deliver significant value to our guests and shareholders.”
On the board, Anthony Ackil, who is currently a board member, will succeed Pace as chair, the company said.
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