Cheesecake Factory Inc. Executive Vice President and Chief Financial Officer W. Douglas Benn will retire from his post on July 7, the company announced Friday. He will be succeeded by Matthew Clark, who has served as senior vice president of finance and strategy at the Calabasas restaurant group for more than 11 years.
Benn stepped into the CFO role at Cheesecake in 2009 after more than a decade at Rare Hospitality International Inc., now a subsidiary of Darden Restaurants Inc. He is credited with helping Cheesecake grow to more than $2 billion in annual revenue, and has overseen the company’s finances throughout its international expansion.
Clark began his tenure at Cheesecake in 2006. His previous duties have included overseeing the company’s strategy, planning, treasury and risk management operations. He recently led Cheesecake’s minority investment in Fox Restaurant Concepts’ upscale chains North Italia and Flower Child.
Cheesecake (CAKE) shares on Friday fell $1.54, or around 2.5 percent, to close at $58.94 on the Nasdaq.