Noodles & Co. CEO Resigns; Company Predicts Lower Quarterly Revenue

By Markets MarketWatch Pulse

Noodles & Co. shares fell more than 7% late Monday after news Kevin Reddy is stepping down as CEO and chairman, effectively immediately. The company's board of directors has appointed Robert Hartnett as chairman and Dave Boennighausen, Noodles & Co.'s chief financial officer, as interim CEO. The board has started a search for external and internal candidates for a permanent executive, Noodles & Co. said in a statement. In the same statement, the company forecast its comparable-store sales will have fallen 1% systemwide in the second quarter. The company said it expects quarterly revenue of $121 million, whereas analysts polled by FactSet have forecast sales of $125 million for the quarter.

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