Michael James Snyder

Michael J. Snyder
Nationality American
Occupation Investor
Known for former CEO of Red Robin

Michael James Snyder is an American business executive, who is best known as the first franchisee of the Red Robin restaurant chain. He was later named President, CEO, and Chairman of the Board.

Early life

Snyder took his first job in the food industry in his grandfather's wholesale bakery as a young boy, and worked in the bakery throughout his childhood. He attended the University of Puget Sound, graduating in 1972 with a bachelor's degree in finance.[1]

Business career

In 1979 Snyder and his brother, Steve Snyder and Brad Snyder, became the first franchisees of the Red Robin hamburger restaurant, officially turning the restaurant into a chain. In 1989 he then opened the first out of state restaurant in Boise, Idaho . The brothers would then open 13 restaurants in Colorado over the years, with annual revenues of about $40 million per year by the mid-1990s. The restaurants are operated by an organization called The Snyder Group.[2] The company had been sold by its original owners to a Japanese company previously however the company had not been doing well. In response, Snyder went to Tokyo to present the parent company with a new business plan, and returned the new COO and president of the company in 1998.

Soon afterwards he was promoted to CEO. In 1994 he moved the company's headquarters from California to Denver, Colorado and in 1991 he was made Chairman of the Board.[2][3]

In 2009 Snyder merged his franchise company with the franchisor Red Robin company, forming the Red Robin Gourmet Burgers company.[4] Since Snyder took the reins in 1996, the company experienced twenty-four consecutive quarters of growth.[5] During this period, Snyder grew the number of restaurants by, with average sales per restaurant increasing by over 50%. He then took the company public in 2002.[1] About half the company's restaurants at this point were company owned, with the other half being franchised.[5] He also developed the company's business model of what the company and the press called "unbridled service", which encourages employees to act beyond their scope in bringing enjoyment to customer experiences and take advantage of situations to go beyond their usual job in making diners happy.[6] Red Robin was named the restaurant chain of the year in 2005 by Restaurant Hospitality,[7] which had previously written that the success of Red Robin was due directly to Snyder's leadership.[8] Snyder left his positions with the company late that year, but remains the largest individual shareholder in the company, with a 6.6% ownership stake.[9] He is now the Managing Partner of Calliope Investment Company LLC.

References

  1. 1 2 Beth Luce (Autumn 2002). "Mike Snyder '72: Do the right thing". University of Puget Sound. Retrieved December 20, 2012.
  2. 1 2 Bob Mook (September 14, 1997). "Red Robin CEO soars to new heights". Denver Business Journal. Retrieved December 20, 2012.
  3. ↑ "Red Robin Gourmet Burgers, Inc. History". Funding Universe. Retrieved December 20, 2012.
  4. ↑ "Red Robin agrees to Snyder merger Eatery chain gets $25 million boost". Denver Post. June 13, 2000. Retrieved December 20, 2012.
  5. 1 2 "CEO Interview: Michael Snyder". The Wall Street Transcript. April 1, 2003. Retrieved December 20, 2012.
  6. ↑ Amy Cannata (April 1, 2000). "Red Robin boss enthusiastic about Spokane". Spokesman Review. p. 5. Retrieved December 20, 2012.
  7. ↑ Gina LaVecchia (August 1, 2005). "Rockin'Robin - Chain of the Year 2005". Restaurant Hospitality. Retrieved January 9, 2013.
  8. ↑ Bob Krummert (August 1, 2001). "Red Robin Heads East". Restaurant Hospitality. Retrieved January 9, 2013.
  9. ↑ Al Lewis (May 20, 2007). "Red Robin CEOs fly high". Denver Post. Retrieved December 20, 2012.
This article is issued from Wikipedia - version of the 9/21/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.