LOS ANGELES, Jan. 19, 2006 (PRIMEZONE) -- As part of a planned management transition, Grill Concepts, Inc. (Nasdaq:GRIL) today announced that Philip Gay, currently executive vice president and chief financial officer, will succeed Robert "Bob" Spivak as chief executive officer in June 2006 following the annual shareholders' meeting.
Gay, 48, joined Grill Concepts in July 2004. He will also continue as CFO until a successor is named. Spivak, 62, founder, has been CEO from the company's inception. Spivak will remain with the company on a full-time basis through the end of 2006, after which time he will remain on the board of directors and continue to actively serve the company under a ten-year consulting agreement.
"With Grill Concepts just having completed its best year ever, I can't think of a better time to assume the leadership role," Gay said. "I have followed the company's progress and have been a customer of its branded restaurants for many years. Bob Spivak and his team have built a solid foundation that will serve as a springboard for accelerated growth and expansion in the years to come. I look forward to the guidance Bob will continue to provide, assuring the company's legacy, culture and outstanding guest experience."
Prior to joining Grill Concepts Gay was managing director of Triple Enterprises, a Dallas-based business advisory firm. He previously held chief operating officer and chief executive officer positions with privately-held Diversified Food Group in Lincolnwood, Illinois. Gay was chief financial officer and interim chief executive officer of Santa Monica-based Wolfgang Puck Food Company from 1994 to 1996 and was chief financial officer of California Pizza Kitchen in Los Angeles from 1987 to 1994. He is currently a member of the boards of directors of the California Restaurant Association and MotorCar Parts of America.
"In Philip's tenure with Grill Concepts, he has proven to be a clear thinker with outstanding leadership skills," Spivak said. "Although passing the torch is never easy, I do so with complete confidence that Philip will guide the company well in its next phase of development. At Grill Concepts, I am grateful to have had the opportunity to work with some of the best talent in the restaurant industry. With the growing stature of our restaurants, this transition enables me to focus on what I love best about our organization-the outstanding food and guest experience that has become a Grill Concepts hallmark."
The origin of Grill Concepts was the opening in 1984 of the company's flagship restaurant and today widely acclaimed The Grill on the Alley in Beverly Hills. The first Daily Grill restaurant was opened four years later in Brentwood. Grill Concepts went public in 1995, the same year that The Grill on the Alley was inducted into the Restaurant Hall of Fame.
About Grill Concepts, Inc Grill Concepts owns and manages upscale casual and fine dining, full service restaurants under two core brand names: The Grill on the Alley and Daily Grill. The company operates 24 restaurants including four The Grill on the Alley-branded restaurants in Beverly Hills, Hollywood, San Jose, California, and Chicago, as well as 20 Daily Grill restaurants in Southern and Northern California, the Washington, D.C. metropolitan region, Houston, Texas, Portland, Oregon and Skokie, Illinois.
This news release contains forward-looking statements, which are based on current operations, plans and expectations. Such statements include, but are not limited to, the precise timing of the appointment of the new chief executive officer and execution of plans for accelerated growth and expansion. Actual results may differ materially from these statements due to risks and uncertainties beyond the company's control, which are detailed from time to time in the company's filings with the United States Securities and Exchange Commission.