Randy Gier has stepped down as CEO of Pie Five and Pizza Inn parent Rave Restaurant Group under what the company describes as a mutual agreement.
Gier’s duties have been assumed by Clinton Coleman, a director of the company, on an interim basis, Rave said. Coleman is the managing director of Newcastle Capital Management, an advisor to Rave’s largest shareholder, which Morningstar research documents list as American Hallmark Insurance Services of Texas.
Gier had led Rave since November 2012. Earlier, he held a variety of marketing positions at Yum Brands, the parent of Taco Bell, KFC and Pizza Hut. His jobs there included the CMO posts for Yum, KFC and Pizza Hut.
For the quarter ended March 27, Rave posted a 4% decrease in same-store sales for Pie Five, the company’s fast-growth concept, and a 2.2% decline for Pizza Inns in the United States. The franchisor lost $1.2 million for the quarter. Key metrics had similarly slid in the preceding quarter.
The company said an executive research firm has been retained to find Gier’s permanent successor.
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