Two Red Robin board members resign after refinancing deal closes

Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) announced that two board members, James Pappas and Chris Martin, resigned effective October 23, 2026, following the completion of a $115 million refinancing and the substantial completion of the company's refranchising program.

Pappas, managing member of JCP Investment Management, LLC, and Martin, managing director of Jumana Capital, had joined the board in December 2024 in connection with an investment by their respective firms. Following their departures, the board will shrink to six directors, five of whom will be independent.

Since December 2024, Red Robin sold more than 100 company-operated restaurants as part of its refranchising initiative. The company also refreshed its menu, expanded its leadership team, and reported improved restaurant-level margins.

Earlier in October, Red Robin closed a new five-year, $115 million senior secured credit facility led by JPMorgan Chase Bank, N.A. The facility consists of a $90 million term loan and a $25 million revolving credit facility, replacing a prior credit agreement at what the company described as meaningfully lower borrowing costs.

"Dave Pace and his team have executed on that opportunity," Pappas and Martin said in a joint statement. "The operational improvements and refranchising program culminated in a lower-cost commercial bank refinancing."

Red Robin CEO and President Dave Pace acknowledged the departing directors, citing their role during what he called "a highly complex path to firming up our balance sheet and our financial foundation."

Additional details are available in the company's Form 8-K filed with the Securities and Exchange Commission.

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