Company launches search to replace its founder.
Ruby Tuesday, Inc. (NYSE: RT) announced that Sandy Beall, its founder, chairman of the board, chief executive officer, and president, will step down from management and the restaurant's board. Beall will continue to serve in his current roles until a successor has been named.
Ruby Tuesday has formed a committee to oversee the process of finding Beall's successor.
Beall opened the first Ruby Tuesday restaurant in 1972 in Knoxville, Tenn., near the campus of the University of Tennessee. The concept subsequently grew to 16 restaurants at which time it was acquired by Morrison Restaurants, Inc. During the following years, the chain grew to more than 300 restaurants.
In a 1996 spin-off transaction Morrison Restaurants changed its name to Ruby Tuesday, Inc., and today the company owns and operates 740 Ruby Tuesday restaurants and franchises 85 locations. The company also owns and operates the fast-casual dining concept Lime Fresh Mexican Grill and the casual dining concept Marlin & Ray's.
2012 Best In Class Winners
See who FE&S readers named this year’s Best In Class winners. Manufacturers were evaluated for product quality, product value, product design and aesthetics, service and support, sales reps, product inventory and available product information. Click here to see the complete results.