Texas Roadhouse announced June 21 that president Scott Colosi retired from the company. The move went into effect the previous day.
Colosi joined Texas Roadhouse in 2002 as chief financial officer and was promoted to president in 2011.
The steakhouse chain’s founder and chief executive officer, Kent Taylor, will assume Colosi’s role. “Scott has provided tremendous value to Texas Roadhouse over the past 17 years,” Taylor said in a statement. “He was instrumental in taking us public in 2004 and has contributed significantly to the growth of our brands. We wish Scott the best of luck as he embarks on his retirement.”
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According to a securities filing, Colosi received 25,000 shares of restricted stock by Texas Roadhouse on Thursday. Ten thousand of the shares vest January 8, 2020. The remainder a year later.
The 561-unit chain has been one of the steadiest performers in casual dining during Colosi’s tenure. Texas Roadhouse was recently named America’s top brand in the space by the Harris Poll.
In the first quarter, Texas Roadhouse’s same-store sales jumped 5.2 percent at company-run stores, including 2.6 percent traffic growth, and 4.3 percent at franchised units (468 locations are corporate). The other 2.6 percent came from an increase in average check.
In the past decade, the chain has boosted its average-unit volumes from about $3.6 billion to $5.2 million.
Colosi had also held the interim CFO post for nearly three years before Tonya Robinson was promoted to the post in May 2018. He assumed the interim position in January 2015 following the departure of Price Cooper to Krispy Kreme.
No reason was given for Colosi’s departure. The move marks the third major casual chain to have a top executive retire in recent months. Bloomin’ Brands CEO Liz Smith announced her departure from the Outback parent’s top position in March. EVP and chief financial and administrative officer Dave Deno took over. Smith shifted to a role of executive chairman of Bloomin’s board.
Red Robin CEO Denny Marie Post retired in April. Board chair Pattye Moore is currently helming the spot.