First Watch CFO, who guided $1.2B company's IPO, to retire

First Watch Chief Financial Officer Mel Hope will retire from the east Manatee County-based daytime dining company, where he has worked for nearly eight years. His retirement will take place later this year. 

Hope's career has spanned more than 40 years. He joined First Watch in 2018, after serving as CFO of Popeye’s Louisiana Kitchen. In addition, he was a partner with PricewaterhouseCoopers and was an executive with several privately-owned organizations and startup ventures, according to a statement.

The announcement of Hope’s retirement comes the same day First Watch announced its 2025 results, including $1.2 billion in revenue, a 20.3% year-over-year increase.

“The company is well-positioned for continued and rapid growth,” Hope says in a statement, “and I am committed to ensuring a smooth transition.”

The company is aiming to reach 2,200 restaurants while growing by about 10% each year.

After opening a record 64 restaurants in 2025, First Watch now has 633 restaurants in 32 states, including 560 company-owned and 73 franchise-owned eateries.

“Mel joined us with decades of experience and was invaluable in guiding our IPO process,” First Watch President and CEO Chris Tomasso says in a statement. The company went public in 2021. “In true Mel fashion, he has positioned us well for this next phase – complete with a strong financial leadership team in place and his commitment to work with us through his successor’s transition. On behalf of our entire team, I’d like to thank Mel for his many contributions and leadership. We wish him and his family all the best in this next stage of life.”

First Watch has begun the process of identifying Hope's successor, considering both internal and external candidates. The company anticipates Hope will remain CFO until his successor is in place, and he will serve as an advisor afterward for a period to ensure a smooth handoff.

In 2026, First Watch plans to continue its national expansion. It expects to close three company-owned restaurants and open 59 to 63 new system-wide restaurants. Of those, 53 to 55 will be company-owned, while nine to 11 will be franchise-owned.

Calling 2025 "a year of significant progress," Tomasso says in a statement that looking ahead to 2026, "we are energized by the growth opportunities across all facets of our business, particularly the expansion of our evolving digital marketing platform.”