Lakewood-based without a permanent CEO since February, has hired Frank G. Paci
to lead expansion of the fast-casual chain.
Paci, 56, who most recently served as president and CEO of Atlanta-based McAlister’s Deli, begins work as Einstein’s CEO on Sept. 15.
Board chairman Nelson Heumann said Paci’s track record as CEO at McAlister’s, a fast-casual chain with more than 300 locations, and in his work at Pantry Market Inc., Blockbuster Inc, Pizza Hut and Burger King Corp., helped distinguish him in a field of “well-regarded” candidates.
“Frank’s background and skill-set make him the ideal candidate to lead our company at this time,” Heumann said.
According to a Monday filing with the U.S. Securities and Exchange Commission Paci will receive an initial base salary of $630,000, which will increase to $650,000 on July 1 if he meets certain unspecified performance objectives
. In March, he is eligible for a $200,000 bonus.
Paci also will receive up to $150,000 to move to Denver, a company-paid life insurance policy of $400,000 and long-term disability coverage .
Paci said
in a statement that he is looking forward to “working with our employees and franchise partners to further enhance and grow the nationwide footprint” of the Colorado company.
Einstein Noah Restaurant Group operates, franchises and licenses locations under Einstein Bros., Noah’s New York Bagels and Manhattan Bagel brands in more than 855 restaurants in 42 states and the District of Columbia.
Paci succeeds Michael Arthur who filled the position on an interim basis since February. Arthur will continue to serve on the board of directors.
Arthur replaced CEO Jeff O’Neill who resigned on Feb. 24, 2014. O’Neill became CEO in early December 2008, following the retirement of Paul Murphy, who had been CEO, president and director since October 2003.
Heumann said that Arthur’s interim leadership lead to a “smooth and orderly transition over the past six months.”
Pac earned a bachelor’s degree from Yale University and a MBA from the University of Pittsburgh.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
