BurgerFi International Inc. CEO Ian Baines is retiring in June, the company said Monday.
In lieu of severance, however, Baines, who plans to officially step down on June 7, will stay on as an outside consultant for 12 months, and will be paid cash equal to $523,628 in monthly installments under an agreement that began May 8, according to filings with the Securities and Exchange Commission.
In addition, the company on Monday promoted John Iannucci, the COO of Anthony’s Coal Fired Pizza & Wings brand since June 2022, to the role of COO of BurgerFi International, leading the company as interim while a replacement for Baines is found.
Iannucci has held leadership roles over the past two decades at several restaurant chains, including The Cheesecake Factory, Max Brenner, Logan’s Roadhouse, Shari's and Birdcall.
BurgerFi acquired Anthony’s in late 2021, less than a year after the burger chain went public in a reverse merger with blank check company Opes Acquisition. Baines, who was previously president of Cheddar’s Scratch Kitchen, owned by Darden Restaurants, was named CEO of BurgerFi in October 2021.
BurgerFi’s Executive Chairman Ophir Sternberg said in a statement, “On behalf of the board, we would like to thank Ian for his service to BurgerFi and for leading Anthony’s through its sale to BurgerFi. We wish Ian all the best in this new chapter of his life.”
Sternberg added that Iannucci has “immersed himself in the company and has proven himself to be a dynamic and effective leader. We look forward to naming a new CEO once that individual has been identified.”
Fort Lauderdale, Fla.-based BurgerFi operates or franchises 112 fast-casual better-burger restaurants, and 60 company owned casual-dining restaurants under the Anthony’s banner, with franchising for Anthony’s expected to launch this year.
In fiscal 2022, the company narrows its net loss to $103.4 million, compared with a loss of $121.5 million a year ago. Revenues increased 160% to $178.7 million, which was primarily driven by the Anthony’s acquisition.
Baines said in a statement, “It has been an honor to lead this company but the time is now ripe for me to retire. I am proud of what our teams have accomplished in integrating Anthony’s into the BurgerFi system—the company now has two high-quality brands with growth potential. I wish everyone at BurgerFi all the best.”
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