Cracker Barrel (CBRL) Announces Resignation of Exec Chair Woodhouse; Successor Named
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Price: $86.50 -0.48%
Overall Analyst Rating:
NEUTRAL (
Down)
Dividend Yield: 2.5%
EPS Growth %: +19.2%
Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 2.5%
EPS Growth %: +19.2%
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Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) announced the next phase of its planned Board succession process.
Executive Chairman Michael A. Woodhouse will be resigning from that position in early November, prior to the Company’s annual shareholders’ meeting, and not stand for election as a Board member. Mr. Woodhouse served as Chief Executive Officer from 2001 to 2011 and Chairman of the Board from 2004 to 2011. He continued as Executive Chairman for a transition period after Sandra B. Cochran became President and Chief Executive Officer last September.
The Board said it will name James W. Bradford, who joined the Cracker Barrel Board last August, as non-executive Chairman when Mr. Woodhouse steps down. Mr. Bradford is Dean and Ralph Owen Professor for the Practice of Management at Vanderbilt University's Owen Graduate School of Management. An experienced corporate executive, Mr. Bradford previously served as President and Chief Executive Officer of United Glass Corporation, a consolidation of glass fabricators in the United States and Canada, from 1999 to 2001 and as President and Chief Executive Officer of AFG Industries Inc., North America's largest vertically integrated glass manufacturing and fabrication company, from 1992 to 1999.
The Company also announced that director Charles E. “Eddie” Jones, Jr. has informed the Board of his intention to retire at the end of his current term in November and not stand for election at the 2012 Annual Meeting.
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Executive Chairman Michael A. Woodhouse will be resigning from that position in early November, prior to the Company’s annual shareholders’ meeting, and not stand for election as a Board member. Mr. Woodhouse served as Chief Executive Officer from 2001 to 2011 and Chairman of the Board from 2004 to 2011. He continued as Executive Chairman for a transition period after Sandra B. Cochran became President and Chief Executive Officer last September.
The Board said it will name James W. Bradford, who joined the Cracker Barrel Board last August, as non-executive Chairman when Mr. Woodhouse steps down. Mr. Bradford is Dean and Ralph Owen Professor for the Practice of Management at Vanderbilt University's Owen Graduate School of Management. An experienced corporate executive, Mr. Bradford previously served as President and Chief Executive Officer of United Glass Corporation, a consolidation of glass fabricators in the United States and Canada, from 1999 to 2001 and as President and Chief Executive Officer of AFG Industries Inc., North America's largest vertically integrated glass manufacturing and fabrication company, from 1992 to 1999.
The Company also announced that director Charles E. “Eddie” Jones, Jr. has informed the Board of his intention to retire at the end of his current term in November and not stand for election at the 2012 Annual Meeting.
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