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Potbelly CEO to Leave

Potbelly Corporation (NASDAQ:PBPB) announced Tuesday that its chairman and chief executive officer Aylwin Lewis will leave the company on August 8, 2017. The Chicago-based company has 40 franchises and over 400 sandwich shops.

Company-operated same restaurant sales decreased by 3.1 percent for its quarter that ended March 26, 2017. Regarding the first quarter, CEO Lewis stated at the time, "The operating environment remained highly challenging for restaurants, and our business performance was reflective of these negative traffic trends experienced throughout most of the industry.  Our comparable store sales decline of 3.1 percent fell short of our expectations, as traffic at the end of 2016 continued to decline into 2017."

Peter Bassi, lead director of Potbelly Corporation's board of directors, commented: "We are grateful for Aylwin's leadership during his nine-year tenure at Potbelly," said Bassi. "He is a world class restaurant leader and Potbelly benefited from his leadership."

Bassi said the company has started a search for a new CEO to replace Lewis.

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