Così, Inc., the premium convenience restaurant company, today announced that its Board of Directors has appointed Chairman of the Board Mark Demilio, 55, as interim Chief Executive Officer of the Company following the resignation of James Hyatt, 54. Mr. Hyatt has resigned as Chief Executive Officer and President of the Company and as a member of the Board of Directors, effective immediately, to pursue another opportunity due to family considerations. He will remain an employee of the Company until September 23, 2011 in order to assist with the leadership transition.
A Search Committee of the Board of Directors has been created, which will oversee the process for the identification and selection of a new Chief Executive Officer. Mr. Demilio will serve as interim Chief Executive Officer until the selection process is complete. Candidates from both inside and outside the company will be considered.
“I am proud of our accomplishments over the last four years and believe the efforts we have made to focus the Company on driving traffic and sales while working to improve operating margins and control administrative costs will continue to gain traction and set the table for growth,” said James Hyatt. “My decision to leave was driven by personal considerations as I was recently approached with an opportunity that will enable me to remain with my family in Atlanta. I continue to believe in the direction and future of Così and will assist Mark and the team over the next several weeks to help ensure Così continues to improve operationally and financially.”
“On behalf of the Board, I would like to thank Jim for his stewardship and for the accomplishments and improvements of the Company during his tenure,” said Mr. Demilio. “I believe Jim has helped to get the Company on the right track and we will continue to work toward improving profitability and growth. We also wish Jim well in his new position.”
“I too would like to thank Jim for his leadership,” said Michael O’Donnell, a Director of the Company. “During this transition period, we are fortunate to have an executive with the skills and experience that Mark brings to Così. We believe his background and experience will be valuable during this transition and that he will bring a fresh perspective and focus to our business.”
