Denny's Corp. (DENN) appointed Chairman Debra Smithart-Oglesby as interim chief executive in the latest executive change at the restaurant chain, which recently underwent a stiff proxy battle prompted by the company's struggles.
Denny's eight-member board, which included now-former CEO Nelson Marchioli, retained their seats last month following an effort by activist investors to replace some of them. They have claimed the company had been mismanaged the past decade, resulting in weak sales and a loss of market share.
No further details of Marchioli's departure were disclosed in Tuesday night's statement announcing the move and a spokesman wasn't immediately available for comment early Wednesday.
But Smithart-Oglesby said in the statement that "as the company nears completion of its transition to a franchise-oriented business model, we have been planning for a transition in leadership. Today's announcement will help accelerate that process." She will head a strategic team for the transition with a focus on driving sales and guest counts.
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