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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe man who spent the last five years retooling the menu and operations of Indianapolis-based Steak n Shake Co. is leaving the struggling hamburger chain.
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.
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