Cision PR Newswire
TGI Fridays® Chief Executive Officer Ray Blanchette to Step Down as the Company Continues Momentum and Carries the Brand to New Territories
News provided byTGI Fridays
May 18, 2023, 5:00 PM ET
Rohit Manocha, Chairman of the Board and Co-Founder of TriArtisan Capital Advisors, to serve as interim executive as TGI Fridays enters a new phase of revitalization
DALLAS, May 18, 2023 /PRNewswire/ -- TGI Fridays announced today that Ray Blanchette has stepped down as Chief Executive Officer. Rohit Manocha, Chairman of the Board and Co-Founder of TriArtisan Capital Advisors, will be assuming Mr. Blanchette's responsibilities in the interim. The TGI Fridays executive team will report directly to Mr. Manocha.
Mr. Blanchette led TGI Fridays for the past five years managing the company through a successful turnaround that included both national and global growth as well as through the turbulent impacts around the COVID-19 pandemic. TriArtisan is the lead investor in TGI Fridays with extensive holdings in the restaurant and hospitality industry, including P.F. Chang's, Hooters, and Creating Culinary Communities (C3).
"We are deeply grateful for Mr. Blanchette's contributions over the last several years. We wish him the best of luck in his future endeavors, and we look forward to building on the legacy he has left to take Fridays to new heights," said Mr. Manocha. "TGI Fridays is beginning a new phase of revitalization, innovation, and value creation. We are turning our focus towards growth and creating relevance with today's consumers because we believe there is significant upside potential. Under Ray's leadership, the brand's performance has improved, and he built a strong operating culture that will carry us forward as we pursue new territories. Thanks to the hard work and dedication of all of our team members, Fridays is well positioned for success as we look toward the future."
While Mr. Manocha serves as interim, a global executive search firm, has been retained to search for a new Chief Executive Officer, with both internal and external candidates under consideration.
TGI Fridays, the world's first casual bar and grill, operates 700 restaurants in 52 countries. The company saw total sales projected at $1.6B in 2022 with same US sales growing at +8% compared to 2019 (pre-pandemic). The company announced its most significant deal in its history in September of last year, including 75 new restaurants throughout South and Southeast Asia over the next 10 years representing over $500MM in revenue.
About TGI Fridays®
As the world's first casual bar and grill, TGI Fridays® is the birthplace of fun, freedom, and celebration, bringing people together to socialize and experience "That Fridays Feeling™" – a sense of celebrating the fun in everyday moments, big and small. For over 50 years, Fridays® has been lifting spirits around the world with nearly 700 restaurants in 52 countries, serving high-quality, classic American food and iconic drinks backed by authentic and genuine service. Visit www.Fridays.com for more information and join Fridays Rewards®. Follow us on Facebook, Instagram, and Twitter.
About TriArtisan Capital Advisors
TriArtisan Capital Advisors is an established, New York-based private equity investing firm. TriArtisan's flexible institutional capital allows it to invest in companies requiring a broad range of investment needs. In each of its investments, TriArtisan partners with high quality management teams and founders to support them in achieving returns for its institutional and management partners. For more information, please visit the firm's website at www.triartisan.com.
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