Cosi Inc (NASDAQ:COSI) which is a small capped restaurant chain operator saw its market cap go up by a huge 20 percent during trading on 19th March as the company reported that it has brought on board a new Chief Executive Officer in the form of R.J. Dourney. He will also hold the post of President of the company concurrently. He will also get automatically invited to a place on the board as a director.
R.J. Dourney – 30 Years Experience In Restaurant Industry
The new CEO is no new comer to the Restaurant business. He has been an entrepreneur himself and has created huge assets in the form of Hearthstone Associates which has ownership of 13 restaurant chains across the Boston region. His firm represented the largest franchisee interest in Cosi Inc (NASDAQ:COSI) before he decided to join forces with the company as a company employee. Since an able successor has been found to take over the helm of affairs, current President and CEO Mr Stephen Edwards will be moved into the role of Executive Chairman and would be continuing to hold a place in the board of directors.
In his welcome note to his successor, Cosi Inc (NASDAQ:COSI) Executive Chairman has been quoted to have said that, “I`ve had the privilege of working closely with RJ since joining Così and have been impressed with his knowledge of the brand and industry, his strong operating acumen and his passion for building a culture of success. RJ and his team have achieved industry leading results with Così and we are excited to have him carry these results to all of Così.”
Prior to the current appointment, the new CEO was operating as a COO at AU BON Pain and had a direct stake in a huge $250 million business. He has also served on leadership positions at Applebee`s International.