The Wall Street Journal is reporting Texas Roadhouse founder and chairman Kent Taylor is taking back day-to-day control at the Louisville-based chain after the departure of G. J. Hart, who had been president and CEO.
The details are sketchy, but Hart, a native of the Netherlands, has jumped to the CEO position at California Pizza Kitchen.
Taylor will become CEO of Texas Roadhouse, with former CFO Scott Cololsi taking the president position.
G. Price Cooper IV replaces Scott M. Colosi as CFO, according to the Wall Street Journal.
Both companies are – or in the case of California Pizza Kitchen, were – publicly traded.
Texas Roadhouse trades on the NASDAQ automated exchange under the symbol “TXRH.” Today is not a good day to look, but at last glance, Texas Roadhouse shares were off about six percent, trading at about $13.50 per share.
Texas Roadhouse survived the Great Recession in great shape. But due to rising food costs, shares have taken a beating recently, down about 15 percent for 2011.
The chain of steakhouses is one of Louisville’s largest companies and a large employer, with about 1,500 people locally and about 35,000 total across the United States.
Here’s the investor’s snapshot from Google Finance: As of December 28, 2010, the Company owned and operated 274 restaurants in 43 states and franchised and licensed an additional 71 restaurants in 24 states. As of December 28, 2010, Of the 274 restaurants it owned and operated, 271 operated as Texas Roadhouse restaurants, while three operated under the name of Aspen Creek. The restaurants operate exclusively in the United States within the casual dining segment of the restaurant industry.
California Pizza Kitchen was acquired last month by San Francisco-based private equity firm Golden Gate Capital for $470 million. Its share were delisted from the NASDAQ.
The big question is, who’ll buy Hart’s incredible compound in the Wolf Pen Branch Road area, where Hart is known as a generous host.
More as we know more.