Outback Steakhouse parent Bloomin’ Brands announced Monday that former Delta Air Lines executive Mike Spanos will become CEO.
His role will officially begin on September 3. He will take over for David Deno, who announced his retirement in May.
Spanos will receive a base salary of $1 million, up to $1.75 million as an annual bonus, a $6 million annual equity award, $2.5 million in one-time stock awards, a $500,000 signing bonus, and $500,000 for relocation expenses.
Spanos previously served as EVP and COO for Delta. Before that, he was CEO and president of Six Flags and spent more than 25 years at Pepsi in various leadership roles, including president of Greater China, CEO of Asia Middle East and North Africa sector, and chief customer officer of North American Beverages.
“It is a privilege to be part of the Bloomin’ Brands team,” Spanos said in a statement. “We have such a classic set of heritage brands that my family and I have enjoyed over many years. I am excited to work together with our Team Members to deliver an outstanding guest experience. I thank David Deno for his leadership of our people and look forward to a smooth transition.”
Deno joined Bloomin’ in 2012 as CFO and worked in that position for seven years before his promotion to CEO.
“On behalf of the board, I thank David Deno for his leadership for the past 12 years, including the past five as Chief Executive Officer,” Bloomin’ chairman Michael Mohan said in a statement. “He leaves the company with a strengthened financial foundation, a strong balance sheet and a leadership team dedicated to delivering long-term sustainable growth to our shareholders. We are grateful for his dedication.”
Systemwide, Bloomin’ Brands’ U.S. same-store sales dipped 0.1 percent during Q2, while total revenues in the quarter were down 3 percent from 2023 to $1.1 billion. Meanwhile, average checks saw a boost of 3.7 percent versus Q2 last year. Off-premises made up 24 percent of its U.S. sales, which has more than doubled since 2019, while third-party delivery is now at 14 percent, driven by growth in catering.
Earlier this year, Bloomin’ shuttered 36 underperforming Outback stores, the majority of which were older builds with leases from the ‘90s and early 2000s. The group is still on track to open 15 new Outback restaurants by the end of the year as part of the companywide 40 to 45 new stores it expects to open. Additionally, Bloomin’ hopes to remodel 60 to 65 restaurants in 2024.
In addition to Outback, the restaurant group operates Bonefish Grill, Carrabba’s Italian Grill, Fleming’s Prime Steakhouse & Wine Bar, and fast-casual Aussie Grill. Bloomin’ finished Q2 with 1,119 total restaurants in the U.S., including 674 Outback locations.
