Del Taco Restaurants, Inc., (NASDAQ:TACO), the second largest
Mexican-American QSR chain by units in the United States,
today announced that President and Chief Brand Officer John D.
Cappasola, Jr. has been named as Chief Executive Officer, to
succeed Paul J.B. Murphy, III. Mr. Cappasola will also replace Mr.
Murphy on the Company’s Board of Directors. Mr. Murphy will remain
with the Company into July to ensure a seamless and orderly
transition of leadership and responsibilities.
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John D. Cappasola, Jr. (Photo: Business
Wire)
As part of the planned succession, Mr. Murphy has notified the
Company that he plans to relocate permanently to Denver, CO and
will resign on July 7, 2017, at which time Mr. Cappasola will fully
assume his new position as Chief Executive Officer and
director.
Mr. Cappasola joined Del Taco in a senior leadership role in
2008. He has been Del Taco’s President since January 2017 and Chief
Brand Officer since February 2011. He previously served as
Executive Vice President and Chief Brand Officer, leading Del
Taco’s efforts in brand strategy, operations, marketing, menu
development, and culinary innovation. Paul J.B. Murphy, III has
been Del Taco’s Chief Executive Officer since February 2009 and
served as President from February 2009 through December 2016.
Chairman of the Board Lawrence F. Levy commented, “John is a
dynamic, people-oriented brand leader who understands strategy and
driving business results. John was instrumental in the development
of our successful Combined Solutions strategy that has established
a solid foundation for the brand and produced some of the top
results in the industry over the past 5 years. Game changing new
product innovation, highly effective marketing campaigns and
dramatic improvements in the guest experience are a direct result
of John’s leadership across our organization. The entire Del Taco
family looks forward to working with John in this natural evolution
of his leadership role.”
Levy added, “We thank Paul for his many contributions to Del
Taco. Paul has developed a high-performing culture and an
outstanding leadership team that is poised to continue delivering
superior performance. We deeply appreciate Paul for his leadership
and commitment to Del Taco and wish him all the best.”
Chief Executive Officer Paul J.B. Murphy, III stated, “It has
been my privilege and honor to be part of Del Taco for the past
eight years, and I am confident in the strong team we have
assembled to execute on the growing opportunity ahead of this
beloved brand. John and I have been working together preparing for
this transition and I can confidently say that the company could
not ask for a better person to lead it into its next phase of
growth. John will continue to be a driving force pushing the brand
to evolve to meet ever-changing consumer needs and ensuring that
our operations teams are set up to successfully deliver on that
brand promise.”
Incoming Chief Executive Officer John D. Cappasola, Jr. said, “I
am excited to assume this new role which I feel is a once in a
lifetime career opportunity. Del Taco is a unique company with a
deep rooted culture and a great team of people who care about
elevating this iconic brand and each other. Working side by side
with Paul over the past several years has uniquely prepared me for
this role and I am confident that our team is going to build upon
what we have already accomplished and take Del Taco to new
heights.”
About Del Taco Restaurants, Inc.
Del Taco (NASDAQ:TACO) offers a unique variety of both Mexican
and American favorites such as burritos and fries, prepared fresh
in every restaurant’s working kitchen with the value and
convenience of a drive thru. Del Taco’s menu items taste better
because they are made with quality ingredients like freshly grated
cheddar, hand-chopped pico de gallo, sliced avocado, slow-cooked
beans made from scratch, and fresh-grilled marinated chicken and
carne asada. The brand’s UnFreshing Believable® campaign further
communicates Del Taco’s commitment to provide guests with the best
quality and value for their money. Founded in 1964, today Del Taco
serves more than three million guests each week at its more than
550 restaurants across 15 states. For more information, visit
www.deltaco.com.
Forward-Looking Statements
In addition to historical information, this release may contain
a number of “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, information concerning Del
Taco’s possible or assumed future results of operations, business
strategies, competitive position, industry environment, potential
growth opportunities and the effects of regulation. These
statements are based Del Taco’s management’s current expectations
and beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “target,” “may,” “will,” “should,”
“future,” “propose,” “preliminary,” “guidance,” “on track” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. Such forward-looking statements are
subject to known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside Del Taco’s
management’s control that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks included, without limitation, consumer
demand, our inability to successfully open company-operated or
franchised restaurants or establish new markets, competition in our
markets, our inability to grow and manage growth profitably,
adverse changes in food and supply costs, our inability to access
additional capital, changes in applicable laws or regulations, food
safety and foodborne illness concerns, our inability to manage
existing and to obtain additional franchisees, our inability to
attract and retain qualified personnel, our inability to profitably
expand into new markets, changes in, or the discontinuation of, the
Company’s repurchase program, and the possibility that we may be
adversely affected by other economic, business, and/or competitive
factors. Additional risks and uncertainties are identified and
discussed in Del Taco’s reports filed with the SEC, including under
Item 1A. Risk Factors in our Annual Report on Form 10-K for the
year ended January 3, 2017, and available at the SEC’s website at
www.sec.gov and the Company’s website at www.deltaco.com.
Forward-looking statements included in this release speak only
as of the date of this release. Del Taco undertakes no obligation
to update its forward-looking statements to reflect events or
circumstances after the date of this release or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170606006643/en/
For Del Taco Restaurants, Inc.Media:Julia Young,
646-277-1280julia.young@icrinc.comorInvestor Relations:Raphael
Gross, 203-682-8253investor@deltaco.com
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