Buffalo Wild Wings (BWLD) rose almost 5.5% after the owner, operator and franchisor of restaurants, said CEO Sally J. Smith will be retiring before the end of the year. Activist investor Marcato Capital management also said three of its nominees were elected to the board at the company’s annual meeting.
Smith will continue to serve as president and CEO until the end of the year or until a successor has been named. She has withdrew her candidacy for election to the board ahead of the meeting. Marcato, owner of a 9.9% stake in the company, said preliminary results indicate shareholders have elected Marcato’s nominees Scott Bergren, Sam Rovit and Mick McGuire.
The board has initiated a search process and will engage an executive search firm to assist in identifying a successor for Smith.