Brandon Coleman, who TGI Fridays promoted to CEO in August, has resigned for personal reasons, the company announced October 31. Weldon Spangler, a longtime TGI Fridays board member, has been appointed CEO effective immediately.
Spangler “will lead implementation of the growth plan to revitalize the iconic brand on a global scale,” the company said.
Coleman’s resignation comes not long after he was touting the launch of the brand’s new appetizer menu and its expanded partnership with Krispy Rice as part of ongoing efforts to attract new generations of customers.
“I have made the difficult decision to resign as CEO of TGI Fridays. As I look toward the future, I wish the very best for the amazing team members and the brand,” Coleman wrote in a LinkedIn post.
Weldon Spangler is the new CEO of TGI Fridays, the company announced October 31.
Spangler’s career in the restaurant industry spans more than 30 years and includes tenures at Subway, Papa Murphy’s, Dunkin’ Brands and Starbucks. He will guide TGI Fridays, which has about 700 restaurants in 51 countries, as it puts in place a new strategic plan focused on “growth, innovation and excellence,” the company said.
Rohit Manocha, co-founder of TriArtisan Capital, the New York-based private equity firm and the controlling shareholder of TGI Fridays, will work closely with Spangler in his role as the active chairman of the company.
“I thank Rohit and the board for their trust in me and look forward to working closely with the board on executing on our new growth-oriented business plan focused on revitalizing TGI Fridays,” Spangler said in a statement. “We are a well-loved brand around the world, which is a strong foundation on which to build our business and brand.”