Bloomin' Brands, Inc. has announced the appointment of Michael L. "Mike" Spanos as its new Chief Executive Officer, effective September 3, 2024. Spanos joins the company from Delta Air Lines, where he served as the Executive Vice President and Chief Operating Officer, leading a team of 90,000 employees and contributing to the company's industry-leading performance across all operating metrics. Former CEO David Deno, who announced his planned retirement in May 2024, will serve in a transitional role until December 31, 2024.
Spanos brings a wealth of experience from his previous roles, including serving as the CEO and President of Six Flags Entertainment and holding various positions at PepsiCo and the Pepsi Bottling Group. He is described as an "ideal strategist, operations, and cultural leader" by Michael Mohan, the Chairman of the Board for Bloomin' Brands.
The press release highlights the financial foundation and strong balance sheet that Deno leaves behind after 12 years of leadership, including the past five as CEO. Bloomin' Brands expresses gratitude for Deno's dedication and leadership.
Bloomin' Brands, Inc. owns and operates more than 1,450 restaurants in 46 states, Guam, and 13 countries, with well-known brands such as Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar.
The press release also mentions Spanos's appointment as a non-executive director at Casey's General Store, where he is a member of the audit committee.
This announcement marks a significant change in leadership for Bloomin' Brands, as the company looks forward to Spanos's contributions and a smooth transition under his leadership. As a result of these announcements, the company's shares have moved -3.0% on the market, and are now trading at a price of $17.64. For the full picture, make sure to review Bloomin' Brands's 8-K report.
