Wingstop Announces New Growth and Technology Structure, Appoints Digital Marketing Lead

Rhea-AI Summary

Wingstop (NASDAQ: WING) has announced a new executive leadership structure to enhance its digital strategy. Stacy Peterson has been appointed as EVP, Chief Digital and Technology Officer, while Marisa Carona and Stevie Benjamin have been promoted to SVP roles focused on growth and digital marketing, respectively. This restructuring aims to drive 100% digital transactions and improve one-to-one customer engagement. The company reported that nearly 65% of sales are now digital and expects to leverage first-party data to optimize marketing efforts, positioning itself for future growth.

Positive

• Appointment of Stacy Peterson as EVP, Chief Digital and Technology Officer enhances digital leadership.
• Promotion of Marisa Carona to SVP, Chief Growth Officer is expected to drive growth initiatives.
• Stevie Benjamin as SVP of Digital Marketing will focus on customer relationship marketing.

Negative

• None.

DALLAS, Aug. 17, 2021 /PRNewswire/ -- Wingstop (NASDAQ: WING), the leading digitally-savvy, tech-focused restaurant brand with more than 1,600 locations worldwide, today announced Stacy Peterson will now serve as EVP, Chief Digital and Technology Officer and the promotion of Marisa Carona to SVP, Chief Growth Officer and Stevie Benjamin to SVP of Digital Marketing.

These changes support the significant investments Wingstop is making to drive one-to-one interactions with the more than 25 million guests in its first-party data platform and, with nearly 65% digital sales, support the brand's drive to achieve its stated goal of 100% digital transactions. Additionally, this new structure allows the brand to further its transition from the traditional promotion-based marketing approach that is typically seen in the restaurant industry to a digital, platform-based strategy.

"As we continue making meaningful investments in our tech stack, we decided to take a page from the structure of many leading tech companies, which often house marketing and digital/IT functions together to supplement a 'MarTech' structure," said Charlie Morrison, Wingstop Chairman and CEO. "With this, we'll have two distinct agile and collaborative teams that focus on varying levels of communication to our guests. One which will lead 'micro,' one-to-one communication, and one which will lead 'macro,' one-to-many communication."

Stacy joined Wingstop in 2013 and is well-recognized as a leading technology executive in the restaurant industry. The expansion of her responsibilities as Chief Digital and Technology Officer follows Wingstop's incredible growth in digital sales throughout the pandemic and underscores the opportunity to engage guests through leveraging first party data.

Since joining Wingstop in 2015, Marisa has been fast-tracking up the company ladder after leading key areas of the business including corporate strategy, ESG, training, and serving as Chief of Staff to the CEO and Vice President of Strategy.

Stevie joined Wingstop in mid-2021 as VP of Media after successful stints leading media strategy at MillerCoors, Target and Discover. As SVP of Digital Marketing, Stevie will lead the national media and customer relationship marketing functions for Wingstop with a sharp focus on one-to-one customer marketing.  

The new structure will further support Wingstop's vision of becoming a Top 10 Global Restaurant Brand.

About Wingstop

Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises over 1,600 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and offering of classic wings, boneless wings and tenders, always cooked to order and hand sauced-and-tossed in fans' choice of 11 bold, distinctive flavors. Wingstop's menu also features signature sides including fresh-cut, seasoned fries and freshly-made ranch and bleu cheese dips. In addition, Wingstop launched virtual brand Thighstop in June 2021 featuring crispy bone-in and boneless thighs sauced and tossed in Wingstop's 11 signature flavors, available through Thighstop.com and DoorDash.

In fiscal year 2020, Wingstop's system-wide sales increased 28.8% year-over-year to approximately $2.0 billion, marking the 17th consecutive year of same store sales growth, and Wingstop achieved over 700% stockholder return since its 2015 initial public offering. With a vision of becoming a Top 10 Global Restaurant Brand, its system is comprised of independent franchisees, or brand partners, who account for approximately 98% of Wingstop's total restaurant count of 1,624 as of June 26, 2021. During the fiscal quarter ended June 26, 2021, Wingstop opened 45 net new restaurants, an increase of 13.1%, and announced domestic same-store sales increased 2.1%. During the fiscal quarter ended June 26, 2021, Wingstop generated 64.5% of sales via digital channels including Wingstop.com and the Wingstop app.

A key to Wingstop's success is the Wingstop Way, which includes a core value system of being Authentic, Entrepreneurial, Service-minded, and Fun. This value system extends to its environmental, social and governance platform as Wingstop seeks to provide value to all stakeholders.

The Company has been ranked on Entrepreneur Magazine's "150 Strongest-growing Franchises" and "The World's Best Franchises" (2020), Franchise Business Review's "Top Food Franchises" (2020), Nation's Restaurant News' "Top 200 Restaurant Chains" (2020), Fast Casual's "Top 100 Movers & Shakers" (2020), and named to The Stevie Awards for Great Employers (2020).

For more information visit www.wingstop.com or www.wingstop.com/own-a-wingstop and follow @Wingstop on Twitter and Instagram and at Facebook.com/Wingstop. Learn more about Wingstop's involvement in its local communities at www.wingstopcharities.org.

Media Contact
Megan Sprague
972-331-9155
Media@wingstop.com

Investor Contacts
Alex Kaleida and Susana Arevalo
972-331-8484
IR@wingstop.com

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SOURCE Wingstop Restaurants Inc.

FAQ

What changes were made to Wingstop's executive leadership?

Wingstop appointed Stacy Peterson as EVP, Chief Digital and Technology Officer, and promoted Marisa Carona and Stevie Benjamin to SVP positions focused on growth and digital marketing.

What is the aim of Wingstop's new executive structure?

The new structure aims to enhance digital strategies, drive 100% digital transactions, and improve customer engagement through one-to-one marketing.

How much of Wingstop's sales are digital?

Wingstop reported that nearly 65% of its sales are generated through digital channels.

What does Wingstop's leadership change signify for its growth strategy?

The leadership changes indicate a strong focus on technology-driven growth and an ambition to transition to a platform-based marketing strategy.