WILBRAHAM, Mass. – Friendly Ice Cream Corp. Monday announced the appointment of George M. Condos as the company’s president and chief executive officer and a member of its board of directors, effective immediately.
He succeeds John L. Cutter, who resigned in September.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Condos, 51, brings with him 30 years of experience in the restaurant and hospitality industry, most recently as brand officer for Dunkin Donuts. Dunkin Donuts is owned by Dunkin Brands, which also owns Baskin Robbins ice cream and TOGOS sandwich shops. Condos was directly responsible for leading brand strategy and execution for more than 4,850 franchised stores in the United States, generating $4.3 billion in sales.
On Thursday, Friendly’s announced that it had granted Condos options to purchase 75,000 shares of the company’s common stock, “as a material inducement to his employment as the Company’s new President and Chief Executive Officer.” The options have an exercise price equal to the Company’s closing price on Jan. 8, 2007, and will vest over a three-year period
“Over the past few months, we conducted an extensive, national CEO search and interviewed a number of well-qualified candidates,” said Donald N. Smith, chairman of the Friendly’s board. “We are very excited to have attracted George Condos, a seasoned and accomplished executive with significant experience in the restaurant and ice cream industry, and we welcome his leadership at this important time in our company’s history. His efforts in the development and marketing of over 2,000 Dunkin stores in the Northeast have resulted in making Dunkin Donuts a powerful brand.”
Smith added, “We admire and are attracted by the many innovations developed during George’s time at Dunkin, which were designed to create a day-long experience at Dunkin Donuts and strengthen opportunities for and relationships with franchise owners. We are also impressed by his experience in the Northeast, the core of the Friendly’s base, and his desire to remain in this area of the country.
“We look forward to the fresh ideas and experience George will offer us and our shareholders both in his capacity as a new member of our Board of Directors and as our President and Chief Executive Officer.”
Condos started his career in operations with International Dairy Queen. In 1987, he joined Allied Domecq QSR, the parent company of Dunkin Brands, where he served in various roles for U.S. and international operations until 2003, when he was named brand officer, a post he held until 2006.
“After a long career in building high profile brands, seeking opportunities in existing and new markets, and driving a culture of customer service, it is a great privilege to join a company like Friendly’s with such a storied history and rich foundation,” Condos said. “I look forward to the opportunities and challenges that lie ahead and, as a native of New England, believe I can make significant contributions to a company I know well and respect highly.”
Wilbraham, Mass.-based Friendly Ice Cream Corp. (AMEX: FRN) is a vertically integrated restaurant company, with more than 520 company and franchised restaurants throughout the Northeast; and a maker of Friendly’s ice cream, which is distributed to more than 4,500 retail locations. The 71-year-old company is currently remodeling its restaurants and its product line. Additional information is available at www.friendlys.com.
