May 5, 2023, will mark a new era of leadership for FAT (Fresh. Authentic. Tasty.) Brands. As of that date, Founder and Chief Executive Officer Andy Wiederhorn will become an outside consultant and strategic advisor. He will remain a Board Member and his family office, Fog Cutter Holdings, will continue as the controlling shareholder of FAT Brands.
“While I will be stepping aside as CEO, I will continue to support the growth and evolution of FAT Brands, including championing our talented executive team, which has over the past five years taken the Company from two brands to 17 iconic restaurant brands with over 2,300 units and systemwide sales of $2.2 billion annually,” said Wiederhorn. “In 2022 we were named Public Company of the Year by the Los Angeles Business Journal, due in large part to the hard work and dedication of our corporate teams and franchise partners.”
In his new advisory role, Wiederhorn will continue to support the management team while focusing his time on the company’s long-term strategy and capital allocation plans. According to a press release, Wiederhorn seeks to eliminate the distraction of a previously announced government investigation and allow senior management to focus on continuing to drive shareholder value.
The appointment of an interim CEO will be announced prior to the transition date, and Wiederhorn will continue as CEO until then.
Stay tuned to hear who steps in next.
