Bloomin’ Brands CEO David Deno to retire

(Source: Bigstock)

Restaurant company Bloomin’ Brands has announced the upcoming retirement of its CEO David Deno after 12 years with the business.

Deno will continue in his role until a successor is named and a successful transition period is completed. 

After joining Bloomin’ Brands in 2012 as EVP and CFO, Deno was named CEO and joined the board in 2019. He previously served as president of Asia and CFO for the International Division of Best Buy and held several leadership roles at Pizza Hut and Yum Brands.

On top of his 40 years of experience in the hospitality industry, Deno was honored with the International Foodservice Manufacturers Association (IFMA) Silver Plate Award last year.

“David has strengthened the financial foundation at Bloomin’ Brands through better profitability and a stronger balance sheet, which is especially impressive given nearly half of his CEO tenure was during Covid,” said Michael Mohan, chairman of Bloomin’ Brands. “He is also credited with optimizing our international presence, especially in Brazil.”

Revenue slips

Meanwhile, during the first quarter of FY24, Bloomin’ Brands posted a 4 per cent decrease in revenue to $1.195 billion. The decline was due to lower comparable restaurant sales including the impact of the one-week shift in the fiscal calendar and the net impact of restaurant closures and openings.

The company’s net loss was $82.2 million compared to its net income of $93.4 million in the prior year.

“After a slower start, sales trends strengthened throughout the quarter. Our sales performance is well ahead of the casual dining industry as our marketing and operations initiatives are paying off, especially at Outback Steakhouse,” Deno said.

Bloomin’ has four founder-inspired brands – Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse and Wine Bar. The company owns and operates more than 1450 restaurants in 46 states, Guam and 13 countries.

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