Shares of Denny's Corp. soared Wednesday after the struggling restaurant chain said it was replacing CEO Nelson Marchioli with board Chairwoman Debra Smithart-Oglesby on an interim basis and looking for a permanent replacement.
THE SPARK: Tuesday evening's announcement came less than a month after the end of bitter proxy fight with investors that had pushed to oust Marchioli, Smithart-Oglesby and former Chairman Robert Marks from the company's board.
THE BIG PICTURE: For weeks the Spartanburg, S.C. company and investors sparred over the company's management and direction. An investor group calling itself the Committee to Enhance Denny's tried to replace the …
No comments:
Post a Comment