Cheesecake president quits; firm logged tough year: firm says resignation due to personal reasons.The president and chief operating office of Calabasas-based The Cheesecake Factory Inc. will step down next month. Peter J. D'Amelio announced Jan. 16 that he would resign Feb. 2, citing personal reasons. "He wanted to move back east to be with his family and his wife's family," said Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. , the company's senior vice president of business development and marketing. D'Amelio, whose total annual compensation was listed at $517,472, was named to the position in April 2004. He joined the company in 1990 as a restaurant manager, later becoming president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Cheesecake's Grand Lux Cafe operations. A search for D'Amelio's replacement is under way, Gordon said. The four regional vice presidents who reported to D'Amelio will now fall under CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David Overton Overton may refer to: People:
The D'Amelio resignation comes as the 123-restaurant chain known for its liberal portions recovers from a dreary drea·ry adj. drea·ri·er, drea·ri·est 1. Dismal; bleak. 2. Boring; dull: dreary tasks. year of financial returns. Third quarter net income dropped 16 percent to $18.1 million from the year previous, which the company credited to slower sales at restaurants open a year. Its stock option practices last year also came under fire from Nasdaq, which threatened to de-list the company. (Cheesecake eventually restated a handful of financial reports and was deemed in compliance.) Fiscal 2006 returns also leveled out towards the end of the cycle, with revenues increasing about 10 percent in the fourth quarter of the year. Comparable restaurant sales also jumped 8 percent for the same period. Gordon denied that D'Amelio's departure reflects any turmoil within the company. "He was here 17 years (and) did a fantastic job," Gordon said. "It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have a personal decision and we respect that." In a note to investors, Friedman, Billings, Ramsey and Co. analyst Ashley R. Woodruff said the resignation is expected to have no significant impact on the company, which has seen its growth largely fueled by Overton, who has been at the post since 1992. Staff Reporter Chris Coates can be reached at (818) 316-3124 or ccoates@sfvbj.com. |
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