Cracker Barrel Appoints New CFO - Analyst Blog

Lebanon, Tenn-based Cracker Barrel Old Country Store Inc. (CBRL) has finally found a replacement for its previous chief financial officer (CFO) Sandra B. Cochran. The company recently announced the appointment of former O'Charley's Inc.'s (CHUX) CFO and treasurer Lawrence E. Hyatt as its CFO and president. The appointment will be effective January 3.

The former CFO Mr. Cochran was promoted as president and Chief Operating Officer (COO) in November 2010. Hyatt, 55, will take over from Forrest Shoaf who was serving as interim CFO.  Hyatt will report to Michael A. Woodhouse, Cracker Barrel's Chairman and chief executive officer (CEO).

Mr. Hyatt will be responsible for the company's financial reporting, investor relations and information-technology activities. Hyatt has extensive knowledge and experience in restaurants and retail industries and has the leadership quality to bring in a fresh perspective and dynamism to the company. 

Mr. Hyatt boasts 20 years of experience as CFO with various organizations. He was most recently associated with casual dining chain, O'Charley's, where he will serve till the year-end. He has also served as CFO of Cole National Corporation, PSINet Inc., HMS Host Corporation, Sodexho Marriott Services, Inc. and its predecessor company.

Cracker Barrel reported better-than-expected first quarter 2011 results and also reaffirmed its outlook. The company is experiencing a rise in traffic and thus reported positive comparable sales for the second consecutive quarter. We believe the new CFO will strengthen the management team and help the company to continue to post strong quarter results.

We have a Zacks #2 Rank (short-term Buy recommendation) on the company's shares. We also reiterate our long-term Neutral rating.

 
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