Dave & Buster’s announces CEO transition
DALLAS, Sept. 21, 2021 (GLOBE NEWSWIRE) – Dave & Buster’s Entertainment, Inc., (NASDAQ: PLAY), (“Dave & Buster’s” or “the Company”), an owner and operator of entertainment and dining places announced today that Brian A. Jenkins is stepping down from his position as Chief Executive Officer of the Company and a member of the Board of Directors following the recently announced record quarterly sales and earnings performance. By mutual agreement with the company’s board of directors, Mr. Jenkins will continue to serve as CEO and board member until September 30, 2021. To ensure a seamless transition of responsibilities, he will become Senior Advisor to the CEO until November 30, 2021. Simultaneously with this announcement, the Board of Directors has appointed Kevin M. Sheehan, Chief Executive Officer of Dave & Buster, as Interim CEO effective October 1, 2021, until a permanent successor is named.
Mr. Jenkins said, “It has been an honor and privilege to be part of this industry leading brand for the past fifteen years and I am proud of what our extraordinary team has achieved together. I look forward to seeing D & B’s continued success in the future, and I also look forward to spending time with my wife and family who have supported me throughout my career. “
“Brian was a driving force for Dave & Buster’s and was instrumental in the impressive growth that led to our IPO and the following,” said Sheehan. “His leadership has made a significant contribution to the success of our company and has created a strong foundation on which we can build. Brian successfully led the company through the pandemic and back to record breaking financial performance while also restoring a strong balance sheet. With these goals in place, Brian and the board felt this was a good time to begin this transition. The board has hired Heidrick & Struggles to conduct a search process to find Brian’s permanent successor. We thank Brian for his many contributions, appreciate his willingness to serve as an advisor during this transition, and wish him all the best for his retirement. “
Mr. Sheehan continued, “Dave & Buster’s is entering a new phase of innovation, growth and value creation. Our focus remains on realizing the company’s significant upside as consumer demand for immersive entertainment recovers and expands beyond pre-pandemic levels. As announced in September, the recent performance under Brian’s leadership has been excellent and the team continues to build on the strong positive momentum. Thanks to the hard work and dedication of our team members, the company is well positioned to continue to thrive as we move into this next chapter. “
About Kevin M. Sheehan
Kevin M. Sheehan has served as Chairman of the Board of Dave & Buster since April 2021 and a Director since October 2011. He was previously President and Chief Executive Officer of Scientific Games Corporation from August 2016 to June 2018 as Chief Executive Officer of NCL Corporation Ltd., a leading global cruise company (“Norwegian”), from November 2008 to January 2015 and from August 2010 to January 2015 as President. Prior to joining Norwegian, Sheehan was an advisor to private equity firms such as Cerberus Capital Management LP and Clayton Dubilier & Rice. Prior to that, Sheehan spent nine years at Cendant Corporation, most recently as Chairman and Chief Executive Officer of the Vehicle Services Division (which has global responsibility for the Avis and Budget Rental Car brands, as well as PHH Corporation, a leading provider of fleet management solutions, and Wright Express, the leading provider of fuel card solutions). Mr. Sheehan is a member of the Board of Directors, Lead Director, Chairman of the Audit Committee, and a member of the Compensation Committee of Gannett Co., Inc., a subscription and digitally focused media and marketing solutions company. In addition, Mr. Sheehan served on the Board of Directors of Hertz Corporation by retiring from Chapter 11 in July 2021, Navistar International Corporation by selling it to Volkswagen in July 2021, and Bob Evans Farms by selling his restaurant and food company and Mr. Sheehan, respectively is a graduate of Hunter College and New York University Graduate School of Business and is a certified public accountant.
About Dave & Buster’s Entertainment, Inc.
Dave & Buster’s Entertainment, Inc. was founded in 1982 and is headquartered in Dallas, Texas with one location. Dave & Buster’s offers a full menu of entrees and appetizers, a full selection of alcoholic and non-alcoholic beverages, and an extensive range of entertainment options including games, live sports, and other television events. Dave & Buster’s currently has stores in 40 states, Puerto Rico, and Canada.
The company advises that this press release contains forward-looking statements, including, but not limited to, statements regarding the impact on our business and operations of the global spread of the novel coronavirus outbreak. These forward-looking statements involve risks and uncertainties and, as such, could be influenced by the uncertain and unprecedented impact of the coronavirus on our business and operations and the associated impact on our liquidity needs; our ability to continue business; our ability to obtain waivers under our revolving credit facility and then continue to meet the covenant requirements; our ability to access other sources of funding; the duration of government-ordered and voluntary shutdowns and restrictions; the speed at which our stores can be safely reopened and the level of customer demand after the reopening; the economic impact of the coronavirus and related disruptions on the communities we serve; our total debt; general business and economic situation, including as a result of the coronavirus; the effects of competition; the seasonality of the company’s operations; adverse weather conditions; future commodity prices; Complaints and litigation from guests and staff; Fuel and operating costs; Labor costs and availability; Changes in consumer and business spending, including as a result of the coronavirus; Changes in demographic trends; Changes in government regulations; unfavorable advertising, our ability to open new business, and acts of God. Accordingly, actual results could differ materially from the forward-looking statements and the company cautions you not to place undue reliance on such forward-looking statements. Dave & Buster’s intends that these forward-looking statements speak only as of the date of this press release and does not undertake to update or revise them as more appropriate information becomes available, except as required by law.
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Dave & Busters Entertainment, Inc.
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