Peter Dunn is out as CEO, the company said today. Chairman Alan Gillman, who joined Steak n Shake in 1992 as CEO, will take the helm again on an interim basis.
The company said Dunn resigned "to pursue other interests."
Despite a barrage of initiatives to increase staff retention, develop customer loyalty and add such menu options as side-by-side milkshakes and deluxe salads, Steak n Shake consistently has seen same-store sales numbers drop.
Shareholders have punished the company since last week, when it announced a dip in third-quarter profit and lowered guidance. Today, the company's shares dropped $1.96, or 12.7 percent, to $13.46. That's more than $1 below the company's previous 52-week low.
Shares in Steak n Shake (NYSE: SNS) had traded at $16.89 on Aug. 7, responding to news that an activist shareholder acquired a 9.5 percent stake in the burger chain.
This story will be updated.