“John was also instrumental in transforming and revitalizing their brands through an elevated service delivery model, placing an emphasis on agility and innovation, and creating momentum and opportunity for the company, franchisees, and team members,” the company added.
Before Realogy, Peyton worked 17 years with Starwood Hotels and resorts Worldwide, holding various roles, such as CMO, SVP of global operations, and chief operations officer of the North America Hotel Division. He directed the global and North American food and beverage teams for the company, which oversaw on-property restaurants.
“We are pleased to announce that John Peyton will be joining Dine Brands as CEO starting in January 2021,” Richard Dahl, chairman of the board, said in a statement. “John’s extensive background working in the hospitality industry enables him to provide outstanding leadership and guidance as Dine Brands continues to accelerate long-term growth. We greatly appreciate Steve Joyce’s leadership and considerable contributions to Dine Brands during a critical period for the company and wish him continued success.”
“Dine Brands is confident in the talented executive team in place to ensure a smooth transition and Peyton’s onboarding after the first of the year,” he added.
In a securities filing Tuesday, Dine Brands said Peyton would receive a compensation package consisting of an annual base salary of $1 million; participation in the corporation’s annual incentive plan with a target payout of 100 percent of base salary and a guaranteed payout of 50 percent of the target amount for 2021; participation in Dine Brand’s long-term equity incentive aware program with a grant date value for the 2021 fiscal year of no less than $3.5 million; and a cash signing bonus of $1.2 million (subject to pro rate repayment if Peyton resigns within two years). Additionally, Peyton will receive a one-time special grant of restricted stock units having a grant date value of $3.5 million and a one-time special grant of stock options with a grant date value of $1 million.
Joyce, in connection with his resignation, entered into an amendment to employment agreement. He will remain employed as a non-executive special adviser to Dine Brands through February 16. He’ll continue to receive base salary, additional compensation, and benefits through February 1.
“I am honored to take on this new role to spearhead Dine’s mission and drive shareholder value of the world’s most-loved restaurant brands,” Peyton said. “Together with our team members, franchisees and suppliers, I look forward to building upon the rich history of our restaurants and further creating community in hometowns all throughout the world.”