Tampa-based Bloomin' Brands — parent company of Outback Steakhouse and Bonefish Grill, among others — says in a filing on Tuesday that it has cut the position of executive vice president and COO of casual dining restaurants.
That position is currently held by Gregg Scarlett, a veteran of the Outback brand.
Bloomin' Brands did not give a reason for the elimination of the position in its filing with the U.S. Securities and Exchange Commission but noted it will enter into a reorganizational period of transition until March 15, 2024.
Scarlett will separate from the company effective March 15, 2024, the company says.
Scarlett's biography, already updated by Bloomin' Brands, says he has 30 years of experience in the hospitality industry.
"Since he joined the company in 1994, he has held several leadership positions across the portfolio, including President of Outback Steakhouse, President of Bonefish Grill, Senior Vice President of Operations, and Vice President of Operations," the bio says. "He also served as Joint Venture Partner for Bonefish Grill and Managing Partner for Outback Steakhouse."
Bloomin' Brands informed investors that Scarlett will receive a lump sum severance payment of $1.48 million, with certain other benefits, as of the separation date, "subject to entering into a separation agreement that includes a customary release of claims and certain other covenants."
Outback's parent company has been the target of activist investors of late, after Starboard Value, a firm in New York and Fort Lauderdale, increased its stake in ownership of the publicly traded company in the summer. Starboard Value, which in the previous decade shook up Darden Restaurants, reported to the SEC Aug. 8 that it now owns 9.9% of Bloomin' Brands stock.
After that, on Aug. 28, Bloomin' Brands put Rohit Lal on the board, according to an investor statement. Lal is logistics company Saia's current EVP and chief information officer. The company said his digital expertise would help Bloomin' Brands.
The board also promoted director R. Michael Mohan, who has served on the board since 2017, to chairman of the board. Mohan replaced former board Chairman Jim Craigie, who served for a decade and retired.
Bloomin' Brands' portfolio includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse and Wine Bar. The company owns and operates more than 1,450 restaurants throughout 47 states, Guam and 13 countries. It had $4.41 billion in revenue in 2022, according to financial reports.