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Rave Restaurant Group [NASDAQ: RAVE] announced Monday, January 9 that Scott Crane, who departed Smashburger in April as its CEO, has joined Rave as its new chief executive officer, effective immediately. Crane replaces interim CEO Clinton J. Coleman, who will continue as a member of Rave's board, where he has served since 2007.
The now ex-interim CEO of RAVE tied in a recent raising of capital to a vote of confidence in his replacement. "To support the company's continued growth under Scott's leadership, RAVE recently announced a $3 million capital raise by way of a registered rights offering, which is projected to be completed in February 2017," said Coleman.
Crane most recently served as president and chief executive officer of fast casual franchisor Smashburger, a chain of some 330 company-owned and franchised restaurants. After Crane left Smashburger in April, the franchisor recently had a massive turnover in executives and a release of many staff positions, including Shane's replacement CEO Michael Nolan. Crane led Smashburger since its startup days in 2007. The company's press release says that annual sales at Smashburger, a privately-held company, were in excess of $350 million at the time of Crane's departure in 2016. Previously, Crane was at Fugate Enterprises, Inc., one of Pizza Hut's largest American franchisee, where Crane was responsible for the operation of 210 Pizza Hut units, in addition to Taco Bell, Wing Street, Sonic and Blockbuster Video locations.
Chairman of RAVE Restaurant Group, Inc. Mark Schwarz stated his confidence in the board's decision to hire Crane as CEO. "An entrepreneur at an early age, Scott's restaurant industry focus has led to a succession of managerial roles of progressively greater responsibility and achievement throughout his career, including most recently growing the Smashburger concept from scratch to a thriving, profitable business that led to its highly successful transaction with Jollibee Foods Corporation last year at an enterprise valuation of $335 million," said Schwartz. He added, "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."