Fiesta Restaurant Group, Inc. Appoints Dirk Montgomery as President and Chief Executive Officer

Rhea-AI Summary

Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) announced the appointment of Dirk Montgomery as the permanent President and Chief Executive Officer, effective April 13, 2023. Montgomery has been serving as Interim CEO since December 8, 2022 and previously held the role of Chief Financial Officer since September 9, 2019. The Board of Directors believes Montgomery’s extensive knowledge of the Pollo Tropical brand and operations positions him well to lead the company. Since taking the interim role, he has emphasized strategic initiatives to drive transaction growth and margin expansion while enhancing guest experience and operations excellence. This leadership change aims to unlock the growth potential of the brand.

Positive

• Dirk Montgomery’s appointment as CEO is expected to provide strong leadership continuity.
• His prior experience as CFO offers deep insights into company operations, potentially aiding strategic growth.
• Focus on operational excellence and improving guest experience could lead to enhanced customer satisfaction and revenue growth.

Negative

• Concerns may arise regarding continuity in leadership during the transition period.
• The company could face challenges in executing new strategic initiatives.

DALLAS--(BUSINESS WIRE)-- Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® brand, today announced that the Board of Directors has appointed Dirk Montgomery as its permanent President and Chief Executive Officer, effective April 13, 2023. Mr. Montgomery has served as Interim Chief Executive Officer since December 8, 2022 and previously served as Chief Financial Officer since September 9, 2019.

“The Board and I are confident that Dirk is ideally suited to serve as our President and CEO,” said Stacey Rauch, who chairs the Company’s Board of Directors. “We believe that his deep knowledge of the Pollo Tropical brand and its operations from having served as our CFO, together with his vast industry experience and disciplined business style, provide him with the right background and attributes to lead Fiesta and Pollo Tropical. As the interim CEO, Dirk moved quickly to maintain momentum and sharpen the focus of the leadership team on key opportunities.”

“Since transitioning to the interim CEO role, I have been working with our talented team to prioritize and accelerate the key strategic initiatives that we believe will have the most significant impact on transaction growth and margin expansion,” said Montgomery. “Consistent with this approach, we have placed tremendous focus on building operations excellence and creating a great guest experience, all while continuing to enhance our brand presence and developing the teams necessary to support these initiatives. I am very excited to have the opportunity to continue working with the leadership team and our Board to unlock the significant growth potential of this special brand.”

About Fiesta Restaurant Group, Inc.

Fiesta Restaurant Group, Inc. owns, operates and franchises the Pollo Tropical® fast-casual restaurant brand. The brand features fresh-made cooking, offering distinct and unique flavors with broad appeal at a compelling value through dine-in service, drive-thru service and catering. For more information about Fiesta Restaurant Group, Inc., visit the corporate website at www.frgi.com. For more information about Pollo Tropical, visit the restaurant brand website at www.pollotropical.com.

Forward-Looking Statements

Certain statements contained in this news release and in our public disclosures, whether written, oral or otherwise made, relating to future events or future performance, including any discussion, express or implied regarding our anticipated growth, plans, objectives and the impact of our initiatives, including references to the impact of our key growth initiatives on the impact on our future sales contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "positioned," "target," "continue," "expects," "look to," "intends" and other similar expressions, whether in the negative or the affirmative, that are not statements of historical fact. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict, and you should not place undue reliance on our forward-looking statements. Our actual results and timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those discussed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our quarterly reports on Form 10-Q. All forward-looking statements and the internal projections and beliefs upon which we base our expectations included in this release are made only as of the date of this release and may change. While we may elect to update forward-looking statements at some point in the future, we expressly disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230413005312/en/

Investor Relations:

Raphael Gross

203-682-8253

investors@FRGI.com

Source: Fiesta Restaurant Group, Inc.

FAQ

What recent change occurred in the leadership of Fiesta Restaurant Group (FRGI)?

Fiesta Restaurant Group appointed Dirk Montgomery as the permanent President and CEO, effective April 13, 2023.

When did Dirk Montgomery start as Interim CEO of Fiesta Restaurant Group?

Dirk Montgomery began serving as Interim CEO on December 8, 2022.

What prior role did Dirk Montgomery hold before becoming CEO of FRGI?

Before becoming CEO, Dirk Montgomery was the Chief Financial Officer of Fiesta Restaurant Group.

What strategic focus did Dirk Montgomery emphasize as interim CEO at FRGI?

Montgomery emphasized prioritizing key strategic initiatives to enhance transaction growth and margin expansion.

What impact is expected from Dirk Montgomery’s leadership at Fiesta Restaurant Group?

His leadership is expected to drive operational excellence and improve the guest experience, supporting overall growth.