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Outback CFO Bolts

TAMPA, FL-The chain's CFO Robert S. Merritt will leave his post in May after 15 years with the company.

By Jennifer D. Duell | Updated on April 22, 2005

TAMPA, FL-What was expected to be a simple earningscall for Outback Steakhouse Inc. ended with thechain’s CFO Robert S. Merritt resigning his position,citing irritation with accounting regulations. Hislast day at Outback Steakhouse will be May 27.He also resigned from the Board of Directors.

According to Outback Steakhouse chairman ChrisSullivan, a search for another CFO is in process.

In particular, Merritt cited the way companies have toaccount for leases as “lunacy” – indicating thatrecent changes were the straw that broke theproverbial camel’s back. Merritt was considered bymany Wall Street restaurant analysts to be one of thebest CFOs in the industry and several expressed shockand dismay about his departure. For example, MichaelSmith, an analyst with Oppenheimer & Co. has beenreported as saying that Merritt’s resignation was a”complete surprise.” Merritt had been with the chainsince 1990.

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