A guy named Dave who's fairly well known, but not quite famous, will step down from his high-profile job next week.
Famous Dave's CEO resigns
David Goronkin will leave a chain struggling with sluggish sales. A board member will fill in as the barbecue chain looks for a permanent replacement.
December 6, 2007 at 5:26AM
David Goronkin, president and chief executive of Famous Dave's of America Inc., told the company's board of directors that he will resign Dec. 13, the company reported Tuesday.
He was the first CEO to lead the barbecue chain after Dave Anderson -- the "famous" Dave who founded the restaurant chain. Goronkin, named CEO in August 2003, oversaw the company's expansion during his four-year reign from 83 locations to 157 in 35 states.
Share prices climbed from $5 when he took over to a high of $23.37 in July. But the stock has since gone into a steep dive, closing at $13.63 Tuesday amid slowing sales.
Goronkin, 44, who previously headed Buffets Inc., said he plans to pursue other interests, according to the company. He could not be reached for comment.
The company has struggled through sluggish sales this year, with same-store sales down 3.3 percent in the third quarter at franchise locations. That follows a 1.6 percent decline in the third quarter of last year for franchised locations.
Company-owned stores reported a 2.1 percent increase in same-store sales for the third quarter, but sales grew just 1.7 percent in the first nine months of this year compared with 3.3 percent in the first nine months of last year.
Restaurants nationwide are struggling with slower sales in the down economy.
F. Lane Cardwell Jr., a board member, was named acting CEO while the company searches for a permanent replacement. Cardwell also serves on the board at P.F. Chang's China Bistro Inc.
Matt McKinney • 612-673-7329
The medtech company with roughly 10,000 Minnesota employees reported annual revenue exceeding $16 billion.
