Jack in the Box CEO Linda Lang Retiring; Company Names New CEOFriday, August 9, 2013
Linda Lang, chairman and chief executive officer at San Diego based Jack in the Box, is retiring from the job at the end of this year, the company said.
Lang, one of the highest paid woman executives, will be succeeded by Leonard Comma, who now serves as the company’s president and chief operating officer.
Lang transformed the company’s business model to increase the number of franchised-owned restaurants from about 25 percent in 2005 to nearly 77 percent today.
The Jack in the Box chain added more than 200 restaurants and expanded its presence from 17 states to 21 states during her tenure as CEO.
Lang, 55, joined Jack in the Box in 1984 and held various positions in marketing, operations and financing including officer-level positions since 1996. In 2003, she was promoted to president and chief operating officer and held those positions until 2005 when she was elected chairman and CEO.
Comma joined Jack in the Box in 2001, and held a variety of positions. He was promoted to his current job in 2012. Prior to Jack in the Box, he worked for ExxonMobil.
In other news, Jack in the Box reported fiscal 2013 third quarter net losses of $5.6 million compared with a net loss of $11.6 million in the like quarter of 2012. Revenue for the quarter was $270.8 million, down from $276.4 million in the like quarter of last year.
The company said it incurred pre-tax charges of $36.7 million related to the closing of 62 Qdoba Mexican Grill restaurants in the past quarter, which ended July 7. The company now has 2,225 restaurants including 1,729 that are franchised owned.
— Mike Allen