Corporate News Blog – Buffalo Wild Wings’ President and CEO Sally J. Smith Announces Her Retirement

Research Desk Line-up: Carrols Restaurant Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for sports bar franchise Buffalo Wild Wings, Inc. (NASDAQ: BWLD). The Minneapolis based Company announced on June 02, 2017, that its President and CEO, Sally J. Smith, is retiring from her position before end of FY17. Sally informed the Company’s Board of Directors about her decision and has agreed to continue in her position till her replacement and successor is identified. Sally is also not contesting the election to become a part of the Company’s Board during the 2017 Annual Meeting of Shareholders. The Board does not plan to nominate any other person in her stead. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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In the meanwhile, BWLD’s Board of Directors has started the search for a suitable candidate and also plans to retain an executive search firm to assist the Board in this Endeavour.

Commenting on Sally’s plans to retire from the Company, Jerry R. Rose, Buffalo Wild Wings’ Chairman of the Board, said:

“Sally has delivered countless contributions to Buffalo Wild Wings for more than two decades and much of our success to date is directly attributed to her leadership. Under her guidance and stewardship, Buffalo Wild Wings has transformed into an industry leader, and we look forward to continuing to work together to ensure a seamless transition of executive leadership.”

Sally responded by saying:

“I will focus on leading Buffalo Wild Wings and driving value-creating change until we are ready to make a smooth transition. I am confident that the Company, including its excellent management and Board, are solidly positioned for its next phase of growth and development.”

Sally has been the Company’s CEO for nearly 21 years. During her tenure, the Company has outperformed its peers on critical operating metrics like same-store sales and restaurant margins. Since the Company’s IPO in 2003, investors in the IPO would have received a year-on-year return of 24% annually for the past 14 years.

About BWLD

BWLD started in 1982 with a single restaurant in Columbus Ohio. At present, it has grown into a leading owner, operator, and franchisor of casual dining sport restaurants and has over 1,190 restaurants across the world. These signature sports bar and restaurants offer its clients a chance to watch sporting events or other popular programs on the various projection screens and televisions or play video games. The menu boasts of made-to-order chicken wings, including the house specialty Buffalo, New York-style chicken wings, flatbreads, specialty hamburgers and sandwiches, wraps, Buffalito® soft tacos, appetizers, and salads. These restaurants also serve a wide variety of domestic and imported beers, wines, and liquor.

Boardroom drama

Prior to the announcement of Sally’s retirement, BWLD has been facing pressure from its investor, Marcato Capital Management, L.P., a short-term-focused hedge fund. Marcato is pushing for the sale of the Company’s 500+ restaurants to the franchisees by the end of 2020. BWLD’s Board and Management as well as a financial advisor studied the proposal and presented a detailed analysis as to why it did not agree with Marcato.

However, Marcato is set on the idea and is looking to oust all the independent directors of the Board, who have been in their positions for more than eight months. By ousting the independent nominees, Marcato plans to replace them with its own representatives. Marcato is also looking to replace Sally from her position as CEO. Marcato planned to do so during the 2017 Annual Meeting of Shareholders scheduled on June 02, 2017. The nine members of the Board being targeted include Cynthia L. Davis, Andre J. Fernandez, Janice L. Fields, Harry A. Lawton, J. Oliver Maggard, Jerry R. Rose, Sam B. Rovit, Harmit J. Singh, and Sally J. Smith.

Since the Board became aware of the matter, its members including Sally have been writing to BWLD’s shareholders, giving an explanation as to how Marcato’s plan would be detrimental to the growth and future of the Company. The series of letters, appealing to shareholders, which began in April 21, 2017, continued till May 30, 2017.

On June 02, 2017, the Company voted on the matter during its 2017 Annual Shareholders Meeting. The preliminary results of the voting were shared by the proxy solicitor. The voting reveals that the shareholders have elected Cynthia L. Davis, Andre J. Fernandez, Janice L. Fields, Harry A. Lawton, Jerry R. Rose, Sam B. Rovit, and Harmit J. Singh as members of the Company’s Board. Marcato had put forth the nomination of two members Scott O. Bergren and Richard T. (Mick) McGuire III, both of them were elected as members of the Board.

BWLD plans to make the requisite filings with the US Securities and Exchange Commission once it receives the final and certified voting results.

Last Close Stock Review

At the closing bell, on Monday, June 05, 2017, Buffalo Wild Wings’ stock tumbled 6.10%, ending the trading session at $143.05. A total volume of 1.31 million shares were traded at the end of the day, which was higher than the 3-month average volume of 469.27 thousand shares. Shares of the Company have a PE ratio of 30.92. At Monday’s closing price, the stock’s net capitalization stands at $2.46 billion.

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