News

Mrs. Fields, TCBY parent company names new board of directors

January 8, 2012

Mrs. Fields Famous Brands, a franchisor of Mrs. Fields and TCBY, has named a new board of directors as the company plans a new strategy toward global growth and profitability.

Led by incumbent chairman, Bruce Pettet, the board now includes:

• Robert S. Morrison, the former chairman, president and CEO of The Quaker Oats Company, and an operating partner of Z Capital Partners LLC, one of Mrs. Fields' new major shareholders;
• James J. Zenni, president and CEO of Z Capital;
• Michael D. Stewart, a managing director of the Carlyle Group, one of Mrs. Fields' new major shareholders;
• Christopher J. Kipley, a managing director of Z Capital; and
• David Barr, an existing director who is chairman of Rita Restaurants LLC (formerly Avado Brands) and PMTD Restaurants LLC

"We are proud of the outstanding group of executives we have assembled to serve on the Mrs. Fields Board of Directors. With the addition of Robert Morrison, we add the depth of leadership and experience that's found only at the premier global food and beverage companies," Pettet said.

The Board will work closely with Tim Casey, president and CEO of Mrs. Fields. Casey arrived at Mrs. Fields 18 months ago after serving in multiple executive roles with The Coffee Bean & Tea Leaf Company, in addition to serving as president of Bakers Square.

"Coupled with an experienced management team, the new board brings together the right balance of Fortune 500 and international experience across food and beverage, lifestyle and financial industries. We believe Mrs. Fields and TCBY head into 2012 in an enviable position," Casey said.

Mrs. Fields Famous Brands' franchise systems include more than 950 franchised and licensed locations throughout the U.S. and in 23 foreign countries.

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