Carrols Restaurant Group, Citing 'Significant and Unforeseen Challenges,' Hands Out Bonuses

The big Burger King franchisee cited labor costs, supply chain challenges and its upcoming CEO’s retirement in giving out retention awards to some top executives.

 

By Jonathan Maze, Restaurant Business

Jan. 05, 2022

 

Higher labor costs and supply chain challenges have apparently earned retention bonuses for executives at Carrols Restaurant Group.

 

The big Burger King franchisee is giving the bonuses, which range from $30,000 to $100,000, on March 15, according to recent federal securities filings.

 

In giving out the retention bonuses, Carrols cited “several significant and unforeseen challenges,” including labor shortages and rising labor and commodity costs.

 

Those challenges have “materially impacted the profitability and our stock price,” Carrols said. In addition, the company is looking for a new CEO to replace Dan Accordino, who will retire on June 30.

 

The largest retention bonus, $100,000, will go to CFO Anthony Hull. Richard Gross, the chief development officer, will get $50,000. Nathan Mucher, chief information officer, will get $35,000. And Gerald DiGenova, VP of human resources, will get $30,000.

 

Retention...

 

more, including links

https://www.restaurantbusinessonline.com/financing/carrols-restaurant-group-citing-significant-unforeseen-challenges-hands-out-bonuses