Salt Lake City / UT. (bw) Mrs. Fields´ Famous Brands, a franchisor of Mrs. Fields and TCBY, announces a new board of directors as the company charts a new course towards global growth and profitability. Led by incumbent chairman, Bruce Pettet, the board now includes:
- Robert S. Morrison, the former chairman, president and CEO of The Quaker Oats Company, and an operating partner of Z Capital Partners L.L.C., one of Mrs. Fields´ new major shareholders
- James J. Zenni, President and Chief Executive Officer of Z Capital
- Michael D. Stewart, a Managing Director of the Carlyle Group, one of Mrs. Fields´ new major shareholders
- Christopher J. Kipley, a Managing Director of Z Capital
- David Barr, an existing director who is chairman of Rita Restaurants LLC (formerly Avado Brands) and PMTD Restaurants LLC
The new directors bring global branded food and beverage, lifestyle and investment expertise. Bruce Pettet: «We are proud of the outstanding group of executives we have assembled to serve on the Mrs. Fields Board of Directors. With the addition of Robert Morrison, we add the depth of leadership and experience that´s found only at the premier global food and beverage companies». The Board will work closely with Tim Casey, President and CEO of Mrs. Fields. Casey arrived at Mrs. Fields 18 months ago after serving in multiple executive roles with The Coffee Bean + Tea Leaf Company, in addition to serving as president of Bakers Square.
Casey: «We are also pleased to have the engagement and influence of our two majority owners, Z Capital Partners and The Carlyle Group. Coupled with an experienced management team, the new board brings together the right balance of Fortune 500 and international experience across food and beverage, lifestyle and financial industries. We believe Mrs. Fields and TCBY head into 2012 in an enviable position».
Mrs. Fields Famous Brands is a well-established franchisor in the premium snack food industry, featuring Mrs. Fields and TCBY as its core brands. Through its franchisees´ retail stores, it is one of the largest retailers of freshly baked, on-premises specialty cookies and brownies in the world and the largest retailer of soft-serve frozen yoghurt with live active cultures. Its franchise systems operate through a network of more than 950 franchised and licensed locations throughout the United States and in 23 foreign countries. In addition, it operates an internet and catalogue gifting business, a branded retail business and has entered into licensing arrangements that leverage awareness of its core brands among its retail customer base. The Company is headquartered in Salt Lake City, Utah.
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