NEW YORK — Red Robin Gourmet Burgers Inc. is forming a committee to replace chief executive Dennis Mullen, according to an agreement reached between the company and two activist investors.
In a filing of the agreement with the Securities and Exchange Commission on Friday, Greenwood Village-based Red Robin said its board will form a search committee by next week to identify a new leader for the casual-dining chain. If a successor isn’t announced by Dec. 31, the committee must provide a quarterly update on the search until a new CEO is named.
Mullen, who has come under fire by activist investors Clinton Group Inc. and Spotlight Advisors LLC, has a contract that runs through 2012, so it’s unclear whether he will be replaced before then.
Pattye Moore, chair of Red Robin’s board of directors, said the committee is part of the company’s ongoing succession planning. “This has been an ongoing process and Dennis Mullen is under contract through December 2012, so we look forward to a seamless transition when we find a great candidate.”
