Sandy Beall, founder, chairman and CEO of restaurant chain Ruby Tuesday (NYSE:RT) announced Wednesday his intentions to step down from his leadership positions with they company after four decades of service.
“After 40 years with Ruby Tuesday, I look forward to taking some time off and to pursuing personal ventures,” Beall said in a press release. “We have plans in place to strengthen the Ruby Tuesday brand, grow our emerging brands, and have a capital structure that allows our team to execute on our plans to create value for our shareholders.”
The first Ruby Tuesday opened in Knoxville in 1972. After the concept grew into 16 restaurants, the brand was purchased by Morrison Restaurants, which changed its name to Ruby Tuesday Inc. in 1996. The company owns and operates 740 Ruby Tuesday restaurants and franchises 85 restaurants. Ruby Tuesday currently employs more than 30,000 people and also owns the fast-casual dining establishments Lime Fresh Mexican Grill and Marlin & Ray’s.