News
Garrett out as Arby's CEO
January 27, 2010
Following a year in which Arby's failed to boost lagging same-store sales, Tom Garrett, president and CEO of Arby's Restaurant Group Inc., is leaving the company, Wendy's/Arby's Group Inc. announced in a statement.
Roland Smith, 55, president and CEO of Wendy's/Arby's Group and CEO of Wendy's, will assume the interim role as president of Arby's, effective immediately, and lead the turnaround of the Arby's brand. A search is currently under way for a permanent president of Arby's.
"Tom made enormous contributions to the Arby's brand over the past 29 years," said Smith in the statement. "He is a man of honor and integrity, who has worked relentlessly to build the brand. We are beginning discussions with Tom about becoming an Arby's franchisee and hope that he continues to be involved with the brand."
Garrett, 48, was appointed president and CEO of Arby's in September 2008, following the formation of Wendy's/Arby's Group. Previously, Garrett was president and chief operating officer of Arby's, having been appointed Arby's COO in July 2005 following Triarc Cos. Inc.'s acquisition of the the brand's then-largest franchisee RTM Restaurant Group, where he held various leadership positions.
Arby's North America systemwide same-store sales were down 9.0 percent in its latest quarterly earnings report announced in November. Comps have trended negative since the recession began and have been around 8 percent for more than a year for the sandwich brand, which has tried adding $5.01 combo meals and is testing avalue menuthat includes junior-sized portions.
Accomplishments for the brand during Garrett's tenure include the 2007 launch of the Toasted Subs menu line and the 2009 launch of the Roastburger menu line.
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