J. Alexander’s Holdings, owner and operator of a collection of restaurants that includes J. Alexander’s, Redlands Grill, Stoney River Steakhouse and Grill, announced a series of changes to its executive team on March 11.
The company’s longtime president and CEO, Lonnie Stout, will move to the newly created position of executive chairman of the board of directors of the company. The company’s longtime chief financial officer, Mark Parkey, will succeed him.
In his new role, Stout will work closely with Parkey on long-term strategic initiatives for the company along with chairing the company’s board of directors, the company said in a statement.
Stout, who has been with the company and its predecessors in various management positions over the past five decades, co-founded J. Alexander’s with chief operating officer Mike Moore in 1991.
“We are highly confident in Mark’s ability to lead this management team as chief executive officer,” said Frank Martire, lead independent director for the company’s board. “Mark and Lonnie have worked well together for a number of years and we believe this transition will be seamless for our shareholders.”
In addition to the changes at the CEO level, the company also announced Jessica Hagler, who is the company’s chief accounting officer, has been appointed as vice president and chief financial officer.
“It has truly been a joy to serve this company and lead this outstanding management team,” Stout said in a statement. “Given Mark’s broad experience with the company, his focus and high integrity, I am confident that he will be an outstanding chief executive officer. In addition, Mike Moore, our chief operating officer, will be taking on more operational responsibilities. This is a powerful team, and they will be extremely successful.”
Stout continued: “I am also appreciative of Frank Martire and the board’s confidence in me in my new role. I will focus on growing the value of our Company for all shareholders as well as providing advice and support to the senior management team.”
All new roles will become effective on May 1.