IHOP Corp. Announces the Resignation of Its Chief Marketing Officer
GLENDALE, Calif.--(BUSINESS WIRE)--March 1, 2004--IHOP Corp. (NYSE:IHP) today announced its Chief Marketing Officer, Gregg Nettleton, has resigned effective March 31, 2004, to pursue other opportunities. IHOP has initiated a search for a new head of Marketing.
Since joining the Company in July 2002, Nettleton's leadership has been integral as IHOP looked to change virtually every aspect of its Marketing approach. Working closely with President and CEO Julia A. Stewart, representatives of the franchise community and the marketing organization, he developed many of the strategies which have successfully reenergized the IHOP brand and achieved outstanding sales results over the past year.
Julia Stewart said, "Gregg has done an outstanding job for the IHOP brand, and we are sorry to see him go. His contributions have been significant and his passion for success is unparalleled. I respect his desire to run his own organization and wish him all the best in his future endeavors. Because IHOP's marketing plans for the remainder of 2004 and much of 2005 are already complete, this is an opportune time for a new head of marketing to join the Company and learn the current system."
Gregg Nettleton said, "Julia Stewart is a great leader with an uncanny ability to motivate. Her broad understanding of the restaurant industry, and her marketing experience, made working with her a pleasure. At IHOP, learning occurs on a daily basis and I'm grateful for the opportunity I've had to work with her and the management team over the past two years. I will miss the people, franchisees and culture of IHOP as I move on to the next phase of my professional career."
Upon his departure, Nettleton intends to initiate a search for a brand, division or franchise organization where he can extend a broader level of leadership over an organization's development.
About IHOP Corp.
The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for 45 years. Offering more than 16 types of pancakes, as well as omelettes, breakfast specialties, burgers, sandwiches, chicken and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are operated and franchised by Glendale-based IHOP Corp. As of December 31, 2003, the end of IHOP's 2003 fiscal year, there were 1,165 IHOP restaurants in 48 states and Canada. IHOP is publicly traded on the NYSE under the symbol "IHP." For more information, call the Company's headquarters at 818-240-6055 or visit the Company's Web site located at www.ihop.com.
There are forward-looking statements contained in this news release. They use such words as "may," "will," "expect," "believe," "plan" or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: risks associated with the implementation of the Company's new strategic growth plan, the availability of suitable locations and terms of the sites designated for development; legislation and government regulation, including the ability to obtain satisfactory regulatory approvals; conditions beyond IHOP's control such as weather, natural disasters or acts of war or terrorism; availability and cost of materials and labor; cost and availability of capital; competition; continuing acceptance of the International House of Pancakes' brand and concepts by guests and franchisees; IHOP's overall marketing, operational and financial performance; economic and political conditions; adoption of new, or changes in, accounting policies and practices; and other factors discussed from time to time in IHOP's filings with the Securities and Exchange Commission. Forward-looking information is provided by IHOP pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, IHOP disclaims any intent or obligation to update these forward-looking statements.
CONTACT: IHOP Corp. Public Relations and Communications: Patrick Lenow, 818-543-4129 or Investor Relations: Stacy Roughan, 818-543-4138 SOURCE: IHOP Corp.