Pizza Chain Sbarro Names New CEO, Chairman

“Pizza and pasta chain Sbarro Inc. named a new CEO and Chairman, both veteran food industry executives, two months after emerging from bankruptcy protection,” reported the Associated Press. “James Greco is taking over for Nicholas McGrane, who was named temporary President and CEO in July 2010, before Sbarro filed for Chapter 11. Greco, 58, is the former CEO of bagel chain Bruegger’s Enterprises.”

“Nicholas McGrane had been named temporary President and CEO in July 2010, taking over after Peter Beaudrault stepped down. McGrane was a managing director with MidOcean Partners, the private equity firm that bought Sbarro in 2007. The company said McGrane is leaving the company to pursue other opportunities.”

“Sbarro filed for bankruptcy protection in April when it was no longer able to contend with rising food costs and declining sales related to the recession. The Melville, N.Y. company completed its reorganization and left Ch. 11 protection in November, saying at the time that it had significantly cut its debt and received a new $35 million capital infusion.”

“Sbarro also named J. David Karam as its new chairman. Karam, 53, is the former president of burger chain Wendy’s International, now part of Wendy’s Co. He takes over for interim Chairman Michael Feder, who is a managing director at management consulting firm Alix Partners. Feder, who came on board in November, will remain with Sbarro as an advisor.”

“Sbarro also appointed two new board members, bringing its total board to eight directors, according to CapitalIQ. Desmond Hague is the CEO of hospitality company Centerplate, which runs convention centers and sports and entertainment complexes. David Wiggins is an adviser to private equity firm Pegasus Capital Advisors, L.P. who has led several food-industry companies. Sbarro has more than 1,000 restaurants in more than 40 countries.”