TAMPA, Fla. – Bloomin' Brands, Inc. (NASDAQ: NASDAQ:BLMN) today announced that David Deno, its Chief Executive Officer, is set to retire following a 12-year tenure with the company. Deno, who has led the company for the past five years, will remain in his role until a successor is appointed and a smooth transition is assured.
The Board of Directors at Bloomin' Brands is actively conducting a search for the next CEO who will take over leadership of the company, which is known for its portfolio of casual dining restaurant brands including Outback Steakhouse and Carrabba's Italian Grill.
Deno's leadership is notably marked by a period of financial strengthening for Bloomin' Brands, which included improving profitability and fortifying the company's balance sheet, even as nearly half of his time as CEO coincided with the challenges of the COVID-19 pandemic. His strategic focus also included optimizing the company's international operations, particularly in Brazil.
Michael Mohan, Chairman of the Bloomin' Brands Board of Directors, highlighted that discussions about Deno's retirement began in 2023 as part of regular succession planning. The Board aims to find a leader who will continue to uphold Deno's commitment to the company's 87,000 employees.
Before becoming CEO in 2019, Deno joined Bloomin' Brands in 2012 as Executive Vice President and Chief Financial Officer. His extensive 40-year career in the hospitality industry includes senior roles at Best Buy (NYSE:BBY), Pizza Hut, YUM Brands, and Burger King. In recognition of his significant contributions to the foodservice sector, Deno received the International Foodservice Manufacturers Association (IFMA) Silver Plate Award last year.
Deno expressed his gratitude for the opportunity to lead Bloomin' Brands and his intention to remain until the new CEO is in place. Bloomin' Brands operates over 1,450 restaurants across 46 states, Guam, and 13 countries, including some franchise locations.
This announcement is based on a press release statement from Bloomin' Brands, Inc.
InvestingPro Insights
As Bloomin' Brands prepares for a leadership transition, the company's financial metrics provide key insights into its current market position. With a market capitalization of $2.17 billion, Bloomin' Brands shows a solid presence in the casual dining sector.
The company's P/E ratio, which stands at 8.82, suggests that investors may find the stock to be reasonably valued in comparison to earnings. Moreover, the adjusted P/E ratio for the last twelve months as of Q4 2023 is even lower at 7.91, potentially indicating an attractive investment opportunity.
Bloomin' Brands has demonstrated a commitment to growth, evidenced by a revenue increase of 5.77% over the last twelve months leading up to Q4 2023. This growth is further highlighted by a quarterly revenue growth of 9.05% in Q4 2023. These figures underscore the company's resilience and ability to expand despite market challenges.
InvestingPro Tips for Bloomin' Brands highlight the company's prospects and challenges. Analysts are optimistic about the company's future, with five analysts having revised their earnings upwards for the upcoming period. This suggests confidence in the company's potential to maintain profitability, which has been confirmed over the last twelve months.
On the other hand, Bloomin' Brands is noted to have weak gross profit margins at 17.34%, and its stock price has been characterized by volatility. These factors are important for investors to consider when evaluating the company's stock.
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