CARROLLTON, TEXAS — Nick Shepherd, president and chief executive officer of TGI Fridays, will resign from his role after six years to “pass the torch” to a new leader for the brand’s next chapter of growth. The restaurant company was acquired last year by Sentinel Capital Partners and Tri-Artisan Capital Partners in a transaction valued at more than $800 million, according to reports.
|Nick Shepherd, current president and c.e.o. of TGI Fridays.|
Mr. Shepherd will continue to lead the business through mid-October. The board of directors has launched a search for his successor, led by Sentinel Capital Partners. John Antioco, chairman of the board, will serve as interim c.e.o. following Mr. Shepherd’s departure.
“Nick led the transformation of Fridays into a dynamic, globally relevant brand with a bright future and a strong platform for growth,” Mr. Antioco said. “We would like to formally recognize Nick for his outstanding and passionate leadership of the business. While we hate to see Nick leave, we are extremely confident that the iconic Fridays brand and significant growth prospects will attract a highly-capable successor.”
Said Mr. Shepherd: “During my six years leading this amazing business, we have deepened the culture, upgraded the talent, measurably improved our guest quality, established solid operating numbers and expanded our international footprint.
“After undergoing a productive ownership transition, we successfully executed our initial business plan to sell the majority of our company-owned restaurants to new and existing franchisees. This allows us to focus acutely on being a World Class franchisor and brand innovator, which provides us with a great foundation for accelerated future growth here at Fridays.”TGI Fridays operates more than 900 restaurants in nearly 60 countries.