Scott Crane was terminated as CEO of Rave Restaurant Group, according to a federal securities filing Tuesday.
The Texas-based parent company of Pizza Inn and Pie Five said it terminated Crane’s employment late last week.
A successor to Crane was not named. Bob Bafundo, who was promoted to Rave president late last year, was named the company's “principal executive officer,” according to the filing.
Crane, a former Smashburger executive, was named CEO of Rave in January 2017. The company’s stock, a small cap penny stock, has more than tripled this year amid sales improvement at its Pizza Inn chain, in particular. But its Pie Five fast-casual pizza brand has struggled.
The company also reported a net loss in the first three months of the year and a credit card breach in April.
Bafundo has been president of the company since September and was named president of Pizza Inn in 2016. He is a longtime industry executive who has worked for brands such as Garbanzo Mediterranean Grill, Back Yard Burgers and others.
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