Del Taco Restaurants, Inc. (NASDAQ:TACO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of David A. Pear
On September 10, 2019, David A. Pear resigned from his position as Senior Vice President of Operations of Del Taco Restaurants Inc. (the “Company”), effective September 27, 2019.
Appointment of Chad Gretzema as Chief Operating Officer
On September 16, 2019, the Company named Chad Gretzema as Chief Operating Officer of the Company. Mr. Gretzema, age 47, has been our Senior Vice President of Strategic Planning and Innovation since 2017. From 2012 to 2017, Mr. Gretzema was our Senior Vice President of Operations Support and Engagement. Previously, Mr. Gretzema held positions in operations, training, and marketing at Einstein Noah Restaurant Group, Phoenix Children’s Academy, Noodles & Company, and Oscar Mayer Foods. Mr. Gretzema holds Bachelor of Arts degrees in Journalism and Psychology from Indiana University, Bloomington.
Mr. Gretzema’s compensatory arrangements are described below.
There are no arrangements or understandings between Mr. Gretzema and any other person to which Mr. Gretzema was appointed to serve as the Chief Operating Officer of the Company. There are no family relationships between Mr. Gretzema and any director or executive officer of the Company, and Mr. Gretzema has no direct or indirect material interest in any “related party” transaction required to be disclosed to Item 404(a) of Regulation S-K.
Item 8.01 Other Events.
As previously disclosed, on August 21, 2019, NASDAQ issued a letter to the Company indicating that the Company was no longer in compliance with the requirements of NASDAQ Listing Rule 5605 to have a Board of Directors comprised of a majority of independent directors and an Audit Committee comprised of at least three members who satisfy certain criteria. At its meeting held on September 11, 2019, the Board determined that Ari B. Levy and Lawrence F. Levy qualify as independent directors according to NASDAQ listing standards. As a result of this determination, the Board is now comprised of a majority of independent directors in compliance with NASDAQ listing standards. In addition, at its meeting held on September 11, 2019, the Board appointed R.J. Melman to serve on the Audit Committee, thereby regaining compliance with NASDAQ requirements regarding the composition of the Audit Committee.
About Del Taco Restaurants, Inc. (NASDAQ:TACO)
Del Taco Restaurants, Inc., formerly Levy Acquisition Corporation, is an operator and franchisor of restaurants featuring fresh and fast made-to-order cuisine, including both Mexican inspired and American classic dishes. The Company operates Del Taco restaurants in approximately 20 states, including over one franchised restaurant in Guam. The Company has approximately 300 Company-operated and over 250 franchised restaurants. The Company’s menu offers a combination of Mexican-inspired food, such as tacos and burritos, and American classics, such as Double Del cheeseburgers, crinkle-cut fries and milkshakes. Additionally, the Company’s menu features both premium items such as Epic Burritos, Handcrafted Ensaladas and Fresca Bowls, as well as lower priced items on its Buck & Under Menu. Del Taco restaurant is a free-standing building with drive-in service that ranges in size from 2,000 to 2,600 square feet.
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