Linda A. Lang, CEO and Chairman of the Board for restaurant chain Jack in the Box (NASDAQ:JACK), this week announced her retirement, effective Jan. 1. At that time, Leonard Comma, the company's current President and Chief Operating Officer, will succeed Lang to be chairman, CEO, and president.
Lang has been involved with Jack in the Box since 1984, and was promoted to President and Chief Operating Officer in 2003 before an election to Chairman and CEO in 2005. During her tenure, Jack in the Box has returned more than $1 billion worth of cash to shareholders through stock repurchases, and created more than 200 Jack in the Box restaurants in 21 states, the company says. The chain has more than 2,200 restaurants in total. Under Lang's leadership, the company has also expanded its Qdoba Mexican Grill restaurants, from 250 locations in 37 states, to 600 restaurants in 45 states, as well as Canada.
Lang was quoted in a company statement as saying Comma will serve as a fitting successor because "his extraordinary leadership skills, along with a great executive team that includes new Qdoba President Tim Casey, will enable the company to execute its strategic plan and continue its strong performance." Comma joined Jack in the Box Inc. in 2001.
According to an SEC filing, Comma's compensation package includes an annual base salary of $800,000, a target annual bonus incentive of 100% of his base salary, and an annual "perquisite" of $66,500.
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