Danny Breithaupt, CEO of The Restaurant Group for the past two years, has been ousted by the Board of the company with immediate effect.
The company said in a statement that it has completed the initial phase of its operating strategy review, and has decided that a new leader is needed to implement the initial actions and then prioritise the next phase of the review.
Andy McCue, previously CEO at Paddy Power, will take control of The Restaurant Group from September 19.
Mr McCue is an experienced listed company chief executive, having recently held that role at Paddy Power plc, where he embedded a new growth strategy which delivered record revenues and profits, as well as playing a pivotal role in the merger with Betfair.
Announcing the termination of Mr Breithaupt (pictured above), Debbie Hewitt, chairman of The Restaurant Group said: “Danny has provided strong operational leadership over the years. He has fully participated in the review of our operating strategy in a professional, conscientious and thorough way. We have agreed that this is an appropriate point for him to handover to a new leader who will implement the initial actions and set the priorities for this next phase of development for the business. We wish him well for the future.”
Mr McCue will inherit a group struggling to reposition itself in a market under fire from pubs raising the quality of their food offering, and a drop in footfall to retail parks where many of its outlets operate. Its shares are trading 45% lower than the start of the year.
Ms Hewitt believes Mr McCue has the skills for the task. “Andy brings strong consumer, people and brand-led CEO credentials, with very relevant experience from a multi-site business. His extensive strategic background, coupled with a strong commercial flair, proven hands-on operational expertise and digital credentials, will bring considerable strength and new skills to the leadership of our Executive Team. We welcome him to the Board and very much look forward to working with him,” she said.