OREANDA-NEWS. June 21, 2016. The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced with
deep sadness the passing of
Douglas L. Schmick, 68, a member of the
Company’s Board of Directors since 2012 and a member of the Company’s
Audit Committee.
“Doug was a valued member of our Board of Directors for the last several
years and a respected colleague in the restaurant industry for more than
25 years,” said
David Overton, Chairman and Chief Executive Officer of
The Cheesecake Factory Incorporated. “As a co-founder of McCormick &
Schmick's Seafood & Steak restaurants, he embodied the entrepreneurial
spirit of the restaurant industry and leaves a lasting legacy behind. He
will be sorely missed by us. We extend our heartfelt condolences to his
family at this difficult time.”
Douglas L. Schmick began his restaurant career more than 42 years ago
and developed several brands, most notably McCormick & Schmick's Seafood
& Steak restaurants. Beginning with Jake's Famous Crawfish restaurant in
Portland, Oregon, Mr. Schmick and his partner became leaders and
innovators in the affordable, upscale seafood segment and grew the
McCormick & Schmick's organization to 96 restaurants nationwide. Mr.
Schmick served as Chief Executive Officer and Chairman of the Board for
that company from 1974 through 1999 and again from 2007 through 2008.
During those years, he guided McCormick & Schmick's through several
iterations of ownership, including becoming a publicly-traded company in
2004. He then served as Chairman of the Board until the company's sale
in 2012. Mr. Schmick joined the Board of Directors of The Cheesecake
Factory Incorporated in 2012. In 2013, Mr. Schmick joined the Board of
Directors of Chuy's Inc., a public company, and Anthony's Coal Fired
Pizza, a private group. Mr. Schmick has received many accolades for his
work in the restaurant industry, including being named the Ernst & Young
Regional "Entrepreneur of the Year" in 2008.
As a result of Mr. Schmick’s passing, the Board of Directors approved a
reduction in the number of directors from seven to six, effective
immediately. Accordingly, six directors will stand for election at the
Company’s upcoming 2016 annual meeting of stockholders on June 23, 2016.
In addition, the Board of Directors appointed
Jerome Kransdorf as a
member of the Audit Committee, effective June 17, 2016.
About The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated created the upscale casual dining
segment in 1978 with the introduction of its namesake concept. The
Company, through its subsidiaries, owns and operates 202 full-service,
casual dining restaurants throughout the U.S.A. and Puerto Rico,
including 189 restaurants under The Cheesecake Factory® mark; 12
restaurants under the Grand Lux Cafe® mark; and one restaurant under the
RockSugar Pan Asian Kitchen® mark. Internationally, 12 The Cheesecake
Factory® restaurants operate under licensing agreements. The Company’s
bakery division operates two bakery production facilities, in Calabasas
Hills, CA and Rocky Mount, NC, that produce quality cheesecakes and
other baked products for its restaurants, international licensees and
third-party bakery customers. In 2016, the Company was named to the
FORTUNE Magazine “100 Best Companies to Work For®” list for the third
consecutive year. To learn more about the Company, visit www.thecheesecakefactory.com.
FORTUNE and 100 Best Companies to Work For® are registered trademarks of
Time Inc. and are used under license. From FORTUNE Magazine, March 3,
2016 ©2016 Time Inc.FORTUNE and Time Inc. are not affiliated with, and
do not endorse products or services of, The Cheesecake Factory
Incorporated.
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