P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today announced that Co-CEO Bert Vivian will retire from the Company at the end of fiscal 2011.
“For the past 15 years, I have had the amazing opportunity to work with some of the best people I have ever known, all led by one of the finest leaders in our business, Rick Federico,” said Bert Vivian, Co-CEO. “While it is never easy to walk away from a true love, it is personally the right time for me to step aside. Our business is well-positioned for the future with a deep and talented leadership team focused on creating value for our teammates and our shareholders.”
“Bert’s vision, passion and leadership have transformed a small Chinese restaurant company with four restaurants into one of the most recognized brands in our industry,” said Rick Federico, Chairman and Co-CEO. “Over the past 15 years, he has been an outstanding business partner and a great friend. We will all miss Bert tremendously and wish him nothing but the absolute best.”
Over the course of 2011, Mr. Federico will assume responsibility for the Development team in addition to his current oversight of Operations, Marketing and People Services. Mark Mumford, CFO, will assume responsibility for the Legal and Supply Chain Management teams in addition to his current oversight of Finance and Management Information Systems. As part of this transition and at his request, Mr. Vivian’s compensation will be adjusted to reflect his reduced responsibilities during fiscal 2011.
Mr. Vivian has served as Co-CEO of the Company since January 2009 and previously served as President of the Company since December 2000. Prior to December 2000, Mr. Vivian served as Chief Financial Officer since joining the Company in 1996.