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[January 16, 2014]
Quaker Steak & Lube Names Interim CEO [Food and Beverage Close - Up]
(Food and Beverage Close - Up Via Acquire Media NewsEdge) Casual-dining franchise Quaker Steak & Lube announced that Frederick Dreibholz, current chief financial officer, has been named interim chief executive officer of the Quaker Steak & Lube restaurant group.
According to a release, Dreibholz replaces John Longstreet who is stepping down as chief executive officer of the full-service restaurant chain. After serving on the board of directors since 2004, Longstreet became chief executive officer in 2010. This shift in leadership comes at a time when The Lube has shown significant growth, expanding both in restaurants and new markets.
"John embarked on a multipronged program when he took the helm of Quaker Steak & Lube, which included improving all aspects of operations, creating a dynamic local restaurant marketing program and implementing a significant restaurant growth strategy," said Debra Koenig, chairman of the board. "Fred and his team will build on these successes while targeting the specific challenges that face the restaurant industry today." A 30-year industry veteran, Fred Dreibholz joined Quaker Steak & Lube in November 2012 as chief financial officer. Prior to The Lube, Dreibholz held the position of chief financial officer for several restaurant groups, including Flik International, Champps Entertainment and Souper Salad. Dreibholz has experience transforming small companies into large enterprises, achieving significant revenue growth and dramatic expansion in the U.S. and global markets while maintaining a strong focus on cost control and profit enhancement. Dreibholz has worked with several of the top private equity firms in the country including Sun Capital, Lincolnshire Management, Castanea Partners and Enhanced Equity Partners.
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