Southlake-based Del Frisco’s Restaurant Group Inc. has a new CEO, announcing today that industry veteran and current board member Norman J. Abdallah will replace CEO Mark S. Mednansky effective immediately.
According to the company, the board of directors had recently conducted an executive search and, as a result, considered other potential candidates. Mednansky intends to remain with the company through the end of the calendar year to ensure an orderly transition of leadership and responsibilities.
Del Frisco’s, which trades on the NASDAQ under the DFRG symbol, is the owner and operator of the Del Frisco’s Double Eagle Steak House, Sullivan’s Steakhouse, and Del Frisco’s Grille restaurant concepts.
“We wish to express our heartfelt appreciation to Mark for his many years of outstanding service and commitment to Del Frisco’s,” said Ian R. Carter, chairman of the board. “Mark’s stewardship and passion for our brands have earned him the trust and respect of all of our stakeholders and has left an indelible imprint on this company. We wish him all the best in his well-deserved retirement. He will be sorely missed.”
Mednansky has been with Del Frisco’s for 18 years, serving as CEO since 2007.
Abdallah was recently an operating partner for CIC Partners, a Dallas private equity firm where he focused on the company’s restaurant portfolio. He has also been CEO of Romano’s Macaroni Grill and several other restaurant groups.
“Norman is highly regarded as a strategic, results-driven restaurant executive with a strong entrepreneurial work ethic and has demonstrated a commitment to business and operational excellence,” said Carter. “He is a skilled and proven leader who knows our company well, having served as a member of Del Frisco’s Advisory Board and subsequently the Board of Directors since 2011. His personal integrity, extensive restaurant experience in top tier Private Equity backed companies, including several national and international restaurant concepts, and strategic perspective as a chief executive officer, makes him the ideal fit to guide Del Frisco’s to even greater success in the coming years. We are all looking forward to working with him in his new leadership capacity.”
Del Frisco’s Restaurant Group in October reported third-quarter net income of $786,000, after reporting a loss in the same period a year earlier. But the results still fell short of Wall Street expectations.