HOUSTON, Aug. 20, 2019 /PRNewswire/ -- Luby's, Inc.
(NYSE: LUB) announced today the additions of John Morlock and Randolph Read, new independent directors to its
Board of Directors.
In addition to two new directors, Gerald
Bodzy assumed the role of independent Chairman of the Board
of Directors, while former chairman Gasper
Mir will remain as an independent director on the Board.
Dr. Judith Craven is retiring
from the Board of Directors.
Gerald Bodzy, Luby's Chairman of
the Board, commented, "We are pleased to welcome Mr. Morlock and
Mr. Read to Luby's Board of Directors. Mr. Morlock is a veteran
restaurant executive with extensive operations and franchise
experience. Mr. Morlock will join the Personnel and Administration
Committee as well as the Executive Compensation Committee. Mr. Read
has broad executive and public board experience across multiple
industries and will join the Finance and Audit Committee. We
believe both of these talented and experienced leaders will provide
considerable value to our Board of Directors."
John Morlock has served in
C-suite and various leadership positions for more than 30 years. He
is an accomplished results-oriented leader with a proven track
record of success. Morlock's experience includes three
initial public offerings, two of which were restaurant franchises
-- Boston Market and Potbelly Sandwich Works. In addition, Morlock
has led multiple companies through turnarounds with enhanced
culture shifts, while pushing operational excellence that realized
meaningful growth. Over the span of his career, Morlock has worked
in management and executive roles with other branded franchises,
including Einstein Bagel, Blockbuster, Clubhouse International,
Spin Cycle Inc, Sbarro Inc. and Hale and Hearty Soups, LLC.
Randolph Read is an experienced
executive and seasoned board member. He currently serves as
President and CEO of Nevada Strategic Credit Investments, LLC.
Previously he held the title of CEO or President of several notable
firms including International Capital Markets Group, American
Strategic Investments, Wynn Development Co., Greenspun Corporation,
and certain Knowledge Universe entities. Read currently serves as
Chairman of New York REIT Liquidating LLC and Audit Committee
Chairman of SandRidge Energy, Inc. and has previously served on
several other company boards. Throughout his career he has achieved
record results for a variety of operations, including record asset
values, values on disposition, revenues, profits, return on equity,
and financings.
About Luby's
Luby's, Inc. (NYSE: LUB) operated 125 restaurants nationally as
of August 19, 2019: 79 Luby's
Cafeterias, 45 Fuddruckers, and one Cheeseburger in Paradise
restaurant. Luby's is the franchisor for 102 Fuddruckers franchise
locations across the United States
(including Puerto Rico),
Canada, Mexico, Colombia, and Panama. Luby's Culinary Contract Services
provides food service management to 32 sites consisting of
healthcare, corporate dining locations, sports stadiums, and sales
through retail grocery stores.
For additional information contact:
Dennard Lascar Investor
Relations
713-529-6600
Rick Black / Ken Dennard
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SOURCE Luby's, Inc.