More on Red Robin
Business Week Online ran this story on Michael J. Snyder, the former CEO of Red Robin, who left his position after an audit uncovered expenses that were inconsistent with company policy.
Red Robin, a gourmet burger restaurant franchisor, is a public company that enjoyed a remarkable stock price climb from $12 a share in 2002 after its IPO to $63 a share in June. After
Snyder and the company's CFO resigned in August, Red Robin lowered its annual forecast and the stock price fell 24%. According to the company, Snyder repaid $1.25 million to cover the disputed expenses and stays on as an unpaid consultant to the company. Snyder still owns a 31% interest in Red Robin's largest franchisee.
Posted by franchiselawblog at October 6, 2005 01:01 PM