Ex-Smashburger CEO, Scott Crane, Lands at Rave Restaurant Group, Inc. (NASDAQ:RAVE) as Share Price Advances

Dallas, Texas-based owner, franchiser and supplier of more than 275 Pie Five and Pizza Inn restaurants operating domestically and internationally, Rave Restaurant Group, Inc. (NASDAQ:RAVE), announces it has named former top executive of Smashburger, Scott Crane, as CEO.

Scott Crane, a top executive at Denver-based Smashburger for nine years, has been named CEO of the Texas-based parent company of the Pie Five Pizza and Pizza Inn chains.

Crane will lead The Colony, Texas-based Rave Restaurant Group Inc. (Nasdaq: RAVE), which currently has a combined 300 Pie Five and Pizza Inn company-owned and franchised locations.

Pie Five Pizza has four Colorado locations, according to its website: Two in Colorado Springs, and one each in Aurora and Longmont. Most of its locations are in the Southeast and Midwest. Pizza Inn is focused on the Southeast, with no Colorado locations.

Scott Crane takes over at Rave as it grapples with a plunging stock price, down 64 percent over the last 12 months, the Dallas Morning News reports. Shares closed at $2.32 Friday but were up sharply today in midday trading; click here for a live quote from Yahoo Finance.

Crane succeeds Randy Gier, who stepped down as CEO last July “through a mutual agreement between all parties,” the company said at the time. Board member Clinton J. Coleman had been serving as interim CEO since then.

As the DBJ’s Ed Sealover has reported, Crane joined Smashburger shortly after its founding in 2007, serving as president under then-CEO David Prokupek. He became the burger chain’s CEO in November 2013 just as its growth was slowing and led it through various new initiatives and the sale of a 40 percent stake to international operator Jollibee Foods Corp.

By the time Crane exited in April 2016, Smashburger had grown to 330 corporate and franchise locations. At the time, chain co-founder and Chairman Rick Schaden thanked Crane “for the outstanding leadership.”

His successor as Smashburger CEO, Michael Nolan, left in December after eight months in the job and was succeeded by company co-founder Tom Ryan.

“Scott is an exceptional leader who will contribute greatly to the culture, growth and success at Rave,” said company Chairman Mark Schwarz. “I am confident his expertise and keen understanding of the fast casual category will be a true asset to the continuing development of our company.”

Crane has previous experience in the pizza-chain business as a former executive of Fugate Enterprises Inc., a major Pizza Hut franchisee.

“I am excited to be joining Rave at this particular time and look forward to leading it into the next phase of success and delivering results for its guests, employees, franchisees and all stakeholders,” Crane said.

Original Source


Rave Restaurant Group, Inc. (NASDAQ:RAVE) shares have moved +15.95% on the news thus far today and have traded in the range of $2.35 – 2.80 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $2.50 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  The sell-side analysts are projecting earnings per share of $-0.06 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-0.30 per share according to First Call.

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In looking at where the stock is trading on a technical level, the stock is trading +29.06% away from its 50-day moving average of $2.08.  Based on the most recent available data, the equity is -65.25% off of its 52-week high of $7.74 and +62.05% away from its 52-week low which is $1.66.

Today, the stock opened at $2.40 and the last bid at the time of writing stood at $2.69.  During the session thus far, the equity dipped down to $2.35 and touched $2.80 as the high point.  Rave Restaurant Group, Inc. (NASDAQ:RAVE) has a market cap of $28.66M and has seen an average daily volume of 55,757 over the past three months.

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