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Checkers Drive-In Restaurants Announces Executive Changes
| Source: Wellspring Capital Management
TAMPA, FL -- (MARKET WIRE) -- February 15, 2007 -- Checkers Drive-In Restaurants, Inc. ("Checkers"),
a Wellspring Capital company and the nation's largest chain of double
drive-thru restaurants, today announced the retirement of Keith Sirois,
President and Chief Executive Officer. In conjunction with Mr. Sirois'
retirement, Enrique "Rick" Silva has been named President and Chief
Executive Officer effective immediately. Mr. Sirois will continue to serve
as the Chairman Emeritus.
Mr. Silva was most recently with Burger King Corporation where he
successfully served in a number of leadership roles for more than 13 years.
In his most recent position as Senior Vice President, Franchise Operations,
Mr. Silva was responsible for over 3,300 franchise restaurants in the U.S.
and Canada. Prior to this, Mr. Silva was Senior Vice President, U.S.
Company Operations, where he oversaw all 600-plus company-owned restaurants
in the U.S., and successfully led the turnaround of those restaurants. Mr.
Silva came to the U.S. Operations after successfully serving as President
of Burger King's Latin American Region, which included nearly 600
restaurants.
"We are grateful to Keith for his strong leadership at Checkers. Keith has
assembled a world-class management team, and under his watch, the Company's
operations improved tremendously across a number of measures. We
appreciate his cooperation and support during the transition of ownership
of the Company to Wellspring," said Carl Stanton, Partner of Wellspring
Capital Management, which acquired Checkers in June 2006.
"We are truly excited to have Rick join us today, and we are confident that
Rick, together with the other highly qualified members of the management
team, will be successful in bringing the Checkers® and the Rally's®
brands to the next level of growth and profitability for both the
franchisee community and Company stores," continued Stanton.
"I am honored to lead this remarkable Company. I have watched the growth
of Checkers and Rally's for years and have a lot of respect for what the
management team and the Checkers and Rally's franchisees have accomplished.
My goal will be to build on Keith's efforts to maximize the potential of
these two powerful brands by focusing on delivering a world-class guest
experience and driving operator profitability and restaurant unit growth.
I'm looking forward to working with the franchisees and the management
team," said Rick Silva.
About Checkers Drive-In Restaurants, Inc.
Checkers Drive-In Restaurants, Inc. (www.checkers.com) is the largest
double drive-thru restaurant chain in the United States. The Company
develops, owns, operates and franchises quick-service Checkers® and
Rally's® double drive-thru restaurants. In recent years,
Checkers/Rally's has been awarded several of the industry's most coveted
recognitions: Best Drive-Thru in America in the QSR Drive-Thru Study for
Rally's; Nation's Restaurant News Hot! Again Award for Checkers' sizzling
business performance; and the American Business Award(SM) for the Best
Executive in America. Checkers/Rally's is the Official Burger and
Drive-Thru Restaurant of NASCAR®.
About Wellspring Capital Management
Wellspring Capital Management LLC is a New York-based private equity firm
that manages more than $2.0 billion in equity capital. The firm is focused
on acquiring companies where it can realize substantial value by
contributing management expertise, innovative operating and financing
strategies and capital. For additional information, please visit
www.wellspringcapital.com.