Archer, who was most recently president and chief operating officer of Friday’s, will report to the IHOP chief executive officer and chairwoman, Julia Stewart. Archer replaces Dave Goebel, who resigned as president and chief executive officer of Applebee’s when IHOP acquired it last year for $2.1 billion.
IHOP said Archer, who will be based at the recently opened Applebee’s Restaurant Support Center, will focus on all aspects of the troubled dining chain “developing tactical and strategic plans to improve results in all areas of the business.”
“(Archer) possesses a keen understanding of the restaurant industry, particularly the grill and bar category that Applebee’s competes in, and is a motivational, hands-on leader ideally suited to the needs of our organization,” Stewart said in a release. She stressed that she will continue to be closely involved in “defining the company’s strategic direction and implementing key initiatives” focused on marketing and operations.
According to IHOP’s release, Archer led a team that effected a turnaround of the T.G.I. Friday’s brand, including reversing a five-year decline in comparable store sales and customer visits, as well as improving operating profit.
Applebee’s, the largest casual-dining chain in the U.S., put itself up for sale in early 2007 after dissident shareholder — and later board member — Richard Breeden pressed to increase shareholder value.
Last month, the Glendale, Calif.-based IHOP said first-quarter profit rose 22 percent, in part because of results from Applebee’s. It was the first full quarter results to include Applebee’s.
Net income rose to $13.9 million, or 50 cents a share, from $11.3 million, or 63 cents, a year earlier. Sales jumped almost fivefold to $442.8 million. Comparable-store sales at IHOP restaurants increased 3.7 percent and grew 0.5 percent at Applebee’s.
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