Tuesday May 12, 9:59 am Eastern Time
Boston Chicken names CFO in latest exec change
GOLDEN, Colo., May 12 (Reuters) - Boston Chicken Inc.(BOST - news). Tuesday tapped another veteran industry
executive in a bid to shore up the floundering restaurant chain, naming Lawrence E. White, 48, former chief financial officer of
El Chico Restaurants Inc., as its CFO.
On May 1, Boston Chicken surprised Wall Street with news its three top executives resigned to make way for J. Michael
Jenkins as chairman, chief executive officer and president. Jenkins had been a company outsider with a great deal of
experience in the restaurant industry.
White has 22 years of experience in corporate finance, including 11 years in the restaurant industry, most recently at
Dallas-based El Chico. El Chico operates and franchises more than 100 casual Mexican-themed restaurants and is an affiliate
of Cracken, Harkey, Street & Co. LLC.
''I've known Larry for 11 years and worked with him most of that time,'' Jenkins said. ''His experience as a financial officer in
turnaround situations, especially in operating companies, will be of tremendous benefit to the company.''
The management changes are coming at a time when Boston Chicken is restructuring and is seeking to make all its now-named
Boston Market stores company-owned. Boston Chicken in February reported a fourth-quarter loss of $273.5 million after
massive charges associated with the restructuring.
Boston Chicken franchises and operates retail food service stores that feature homestyle entrees, fresh vegetables, sandwiches,
salads and side dishes. As of Dec. 28, 1997, the end of the company's fiscal year, there were 1,166 Boston Market stores, of
which 416 were company-owned, in 38 states and the District of Columbia. |
