To: IN_GOD_I_TRUST who wrote (1194 ) 5/12/1998 10:37:00 AM From: IN_GOD_I_TRUST Read Replies (1) | Respond to of 1567
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.