Ruby Tuesday Inc. (NYSE:RT) said Wednesday that Sandy Beall, the company’s founder, chairman and chief executive, will step down.
The board said it has launched a committee to oversee the succession process and will retain an executive search firm immediately.
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Beall, who opened the restaurant chain’s first location in Knoxville, Tenn., 40 years ago, will take time off to “pursue personal ventures” according to a statement.
“We have plans in place to strengthen the Ruby Tuesday brand, grow our emerging brands, and have a capital structure that allows our team to execute on our plans to create value for our shareholders,” Beall said in a release.
The casual dining chain operates 740 Ruby Tuesday restaurants and 85 franchise locations and also operates Lime Fresh Mexican Grill and Marlin & Ray’s restaurants.
Shares of Ruby Tuesday rose 9 cents, or 1.3%, in Wednesday’s session.