Jack in the Box appoints Lance Tucker as permanent CEO.
After former CEO Joe Hummel of Twin Peaks announced his decision to step down, news emerged about the retirement of David Gibbs, the CEO of Yum Brands, the parent company of Taco Bell. Meanwhile, former co-CEO of Chipotle has been nominated to Sweetgreen’s board, and former Church’s Chicken executive Neel Patel is set to take on the leadership of Quiznos and Taco del Mar. In more restaurant industry news, Brio and Bravo have named restaurant veteran Craig Miller as their new CEO.
The latest leadership change comes from Jack in the Box, as Lance Tucker has been appointed as the permanent CEO of the fast-food chain. Tucker, who previously served as the company’s CFO, returned to Jack in the Box just two months before being named CEO. Dave Goebel, the chairman of Jack in the Box, acknowledged Tucker’s extensive experience in the restaurant industry and his financial acumen, stating that he is well-equipped to lead the company in its current strategic endeavors.
Following the departure of Darin Harris in February, Tucker’s ascendancy to the CEO position was swift. The company recently reported mixed earnings, with a slight increase in same-store sales for Jack in the Box but a decline for Del Taco. Tucker, who held the position of CFO at Jack in the Box from 2019 to 2020, is now focused on improving the company’s financial performance. In line with this goal, Tucker emphasized areas of priority such as capital allocation, enhancing free cash flow, and shifting towards an asset-light business model.
Tucker outlined his plans to reduce capital spending and reevaluate share repurchases, emphasizing the need to prioritize key financial objectives over other initiatives. With debt levels of $1.7 billion in long-term debt and $1.3 billion in long-term operating leases, Tucker highlighted the importance of addressing the company’s debt burden. The company’s interest expenses were reported at $24.4 million in the last quarter.
In an effort to enhance shareholder value and strengthen the financial position of Jack in the Box, Tucker is focused on executing a strategic plan that aligns with the company’s financial priorities. By leveraging his industry experience and financial expertise, Tucker aims to drive the iconic brand’s performance and deliver returns that meet the shareholders’ expectations.