DALLAS – RAVE Restaurant Group (NASDAQ:RAVE), the parent company of Pizza Inn and Pie Five Pizza brands, announced strategic changes to its executive team today. The reshuffle includes the introduction of Jay Rooney as the new Chief Financial Officer. Rooney, with a significant track record in financial leadership, joins RAVE from Dickey's Barbecue Pit and previously Brinker International (NYSE:EAT).
Alongside Rooney, RAVE welcomes Zack Viljoen as Vice President of Operations and General Manager of Pie Five, Denise Wilson as Associate Vice President of Supply Chain, Carlos Cojulun as Marketing Director of Pizza Inn, Roger Mangum as Director of Operations and Training, and Liam Finn as Director of Franchise Development.
The appointments come on the heels of RAVE's report of its 15th consecutive quarter of profitability and same-store sales growth for both Pizza Inn and Pie Five. The company also noted that Pizza Inn experienced net buffet unit growth for consecutive years, reversing a 24-year decline.
CEO Brandon Solano expressed confidence in the new team, emphasizing their role in continuing the company's growth and honoring its history while satisfying customers, franchisees, and investors.
The new executives bring a diverse set of skills and experiences from various backgrounds. Viljoen, previously Senior Director of Marketing and Strategy, will now oversee marketing and operations for Pie Five. Wilson returns to RAVE after roles at Wingstop (NASDAQ:WING) Restaurants and Nothing Bundt Cakes, among others.
Cojulun brings over three decades of marketing experience from companies like Procter & Gamble and Amgen (NASDAQ:AMGN). Mangum will manage operations in Texas and Oklahoma and oversee training. Finn, with a background in franchise development and investment banking, joins from Driven Brands.
The announcement is based on a press release statement.
InvestingPro Insights
As RAVE Restaurant Group (NASDAQ:RAVE) ushers in a new era with its executive team reshuffle, the company's financial health and market performance remain a focal point for investors. According to real-time data from InvestingPro, RAVE holds a market capitalization of $30.49 million, showcasing its presence as a smaller yet significant player in the restaurant industry. The company's Price to Earnings (P/E) ratio stands at 14.96, indicating how much investors are willing to pay for one dollar of earnings, which is a key metric for gauging market expectations.
InvestingPro Tips highlight some of the company's financial strengths. RAVE boasts impressive gross profit margins, reported at 67.2% over the last twelve months as of Q2 2024, reflecting efficient cost management and a strong pricing strategy. Moreover, the company's liquidity is solid, with liquid assets surpassing short-term obligations, ensuring financial flexibility in its operations.
InvestingPro also notes that RAVE has been profitable over the last twelve months, a testament to the company's ability to generate earnings amidst competitive market dynamics. The firm's operational success is further underscored by its robust operating income margin of 19.51% for the same period.
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