It’s been a busy month for CEO appointments in the restaurant industry, and BJ’s Restaurants is the latest chain to undergo such a change. The company announced after the market closed on Wednesday that Bradford Richmond will serve as interim CEO, effective immediately, following Greg Levin’s resignation from his post and from the board of directors.
Richmond has served on the Company’s Board of Directors since February 2024 and will continue to serve on the Board during his interim appointment. From 2006 until his retirement in 2015, he served as Chief Financial Officer of Darden Restaurants Inc., the world’s largest owner-operated full-service restaurant company. Previously, he served as Darden’s Corporate Controller from 2005 to 2006 and has also held various senior finance and strategic planning roles at Olive Garden and Red Lobster since 1982. As a board member of Coast Entertainment Holdings since 2017, he helped reposition the Main Event brand to achieve significant growth, leading to an acquisition by Dave & Busters in 2022.
“The BJ’s brand is loved by our loyal guests and team members. I look forward to the opportunity to further expand the company’s commitment to our culture and brand promise during my interim tenure. I hope to increase my focus on and prioritize the opportunities ahead as we embark on the next chapter of renewed growth and value creation. My experience as a board member has solidified my belief that we have tremendous potential to increase awareness of the BJ’s brand and continue its trajectory as a restaurant growth company,” Richmond said in a statement.
Levin has been a senior executive at BJ’s for 19 years and served as the chain’s CFO before being named CEO in 2021.
“It has been a pleasure serving as a leader at BJ’s for the past 19 years. I am proud of how we have consistently focused on providing gracious hospitality and superior service to our guests, evolved to meet the evolving needs of our guests and team members, and collectively helped establish BJ’s as a leader in the casual dining industry. Under the leadership of Brad, the BJ’s Board and leadership team, and our thousands of incredible managers and team members in our restaurants across the country and in our Restaurant Support Center, I am confident that BJ’s will continue to successfully execute on its growth initiatives and continue to drive long-term value for shareholders,” Levin said in a statement.
In a note, William Blair analyst Sharon Zackfia called Levin’s departure surprising. The company’s 8-K filing indicates that he was fired “likely due to the lack of consistent revenue and earnings momentum in the business, as well as likely due to pressure from activist investors (one of whom entered into a collaboration agreement in February and the other in March). Previously, at least one of the activist investors had criticized BJ’s operations and cost structure,” Zackfia wrote.
In late July, BJ’s reported a 0.6% decline in second-quarter sales, partly due to weaker sales earlier in the quarter. For the three months ended June 30, net income was $17.2 million, up from $11.9 million a year earlier. BJ’s ended 2023 with revenue of $1.33 billion, up 3.8% year over year, according to Technomic data. Founded in 1978, BJ’s owns and operates over 200 casual dining restaurants in 31 states.
Contact Alicia Kelso at (email protected)
