The Cheesecake Factory Mourns the Passing of Director Douglas L. Schmick
June 20 2016 - 4:05PM
Business Wire
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today
announced with deep sadness the passing of Douglas L. Schmick, 68,
a member of the Company’s Board of Directors since 2012 and a
member of the Company’s Audit Committee.
“Doug was a valued member of our Board of Directors for the last
several years and a respected colleague in the restaurant industry
for more than 25 years,” said David Overton, Chairman and Chief
Executive Officer of The Cheesecake Factory Incorporated. “As a
co-founder of McCormick & Schmick's Seafood & Steak
restaurants, he embodied the entrepreneurial spirit of the
restaurant industry and leaves a lasting legacy behind. He will be
sorely missed by us. We extend our heartfelt condolences to his
family at this difficult time.”
Douglas L. Schmick began his restaurant career more than 42
years ago and developed several brands, most notably McCormick
& Schmick's Seafood & Steak restaurants. Beginning with
Jake's Famous Crawfish restaurant in Portland, Oregon, Mr. Schmick
and his partner became leaders and innovators in the affordable,
upscale seafood segment and grew the McCormick & Schmick's
organization to 96 restaurants nationwide. Mr. Schmick served as
Chief Executive Officer and Chairman of the Board for that company
from 1974 through 1999 and again from 2007 through 2008. During
those years, he guided McCormick & Schmick's through several
iterations of ownership, including becoming a publicly-traded
company in 2004. He then served as Chairman of the Board until the
company's sale in 2012. Mr. Schmick joined the Board of Directors
of The Cheesecake Factory Incorporated in 2012. In 2013, Mr.
Schmick joined the Board of Directors of Chuy's Inc., a public
company, and Anthony's Coal Fired Pizza, a private group. Mr.
Schmick has received many accolades for his work in the restaurant
industry, including being named the Ernst & Young Regional
"Entrepreneur of the Year" in 2008.
As a result of Mr. Schmick’s passing, the Board of Directors
approved a reduction in the number of directors from seven to six,
effective immediately. Accordingly, six directors will stand for
election at the Company’s upcoming 2016 annual meeting of
stockholders on June 23, 2016. In addition, the Board of Directors
appointed Jerome Kransdorf as a member of the Audit Committee,
effective June 17, 2016.
About The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated created the upscale casual
dining segment in 1978 with the introduction of its namesake
concept. The Company, through its subsidiaries, owns and operates
202 full-service, casual dining restaurants throughout the U.S.A.
and Puerto Rico, including 189 restaurants under The Cheesecake
Factory® mark; 12 restaurants under the Grand Lux Cafe® mark; and
one restaurant under the RockSugar Pan Asian Kitchen® mark.
Internationally, 12 The Cheesecake Factory® restaurants operate
under licensing agreements. The Company’s bakery division operates
two bakery production facilities, in Calabasas Hills, CA and Rocky
Mount, NC, that produce quality cheesecakes and other baked
products for its restaurants, international licensees and
third-party bakery customers. In 2016, the Company was named to the
FORTUNE Magazine “100 Best Companies to Work For®” list for the
third consecutive year. To learn more about the Company, visit
www.thecheesecakefactory.com.
FORTUNE and 100 Best Companies to Work For® are registered
trademarks of Time Inc. and are used under license. From FORTUNE
Magazine, March 3, 2016 ©2016 Time Inc. FORTUNE and Time Inc. are
not affiliated with, and do not endorse products or services of,
The Cheesecake Factory Incorporated.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160620006353/en/
The Cheesecake Factory IncorporatedStacy Feit,
818-871-3000investorrelations@thecheesecakefactory.com
Cheesecake Factory (NASDAQ:CAKE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cheesecake Factory (NASDAQ:CAKE)
Historical Stock Chart
From Apr 2023 to Apr 2024