Applebee’s and IHOP parent Dine Brands announced Tuesday that Thomas Song resigned as CFO. The move is effective January 22.
The move marks another leadership shakeup for the company, which announced in May that CEO Stephen Joyce’s contract wouldn’t be renewed on February 1. In November, the brand hired John Peyton, CEO and president of Realogy Franchise Group, as its new leader. His tenure will start January 4. Joyce will remain employed as a non-executive special adviser until February 16.
Allison Hall, vice president and corporate controller, will serve as interim CFO. Dine Brands said in a filing that Song is leaving to accept a position outside the restaurant industry. He joined the company in May 2018 after serving five years as senior vice president of corporate development and innovation at Choice Hotels International. Joyce was the former CEO of the hotel company.
In Q3, Applebee’s saw same-store sales drop 13.3 percent, with steady improvements each month—negative 18.4 percent in July, negative 15.2 percent in August, and negative 7.4 percent in September. IHOP’s comps sank 30.2 percent in Q3 after a 59.1 percent plummet in Q2. The breakfast chain is expected to shutter a net of fewer than 100 stores in the coming months while Applebee’s plans to close between zero and 10 units. As of September 30, Applebee’s had 1,728 total restaurants (1,659 domestic). IHOP had 1,823 (1,666 franchise). At that time a year ago, the numbers were 1,804 and 1,828, respectively.