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DALLAS - Twin Hospitality Group Inc. (NASDAQ:TWNP), the parent company of Twin Peaks Restaurant, announced today the upcoming resignations of Joe Hummel, Chief Executive Officer, and Clay Mingus, Chief Legal Officer. Both executives will officially leave the company effective April 10, 2025, to pursue other opportunities. Ken Kuick, currently serving as Chief Financial Officer, has been appointed as the Interim Chief Executive Officer, while Allen Sussman from FAT Brands Inc. will step in as Interim Chief Legal Officer. The leadership change comes as the company, currently valued at $341.65 million, faces challenging market conditions with its stock down 62% year-to-date.
The company expressed gratitude to Hummel and Mingus for their 14 years of service, acknowledging their contributions to Twin Peaks’ growth and the successful initial public offering (IPO). Under their leadership, Twin Peaks expanded its presence in the casual dining sector, achieving 53% revenue growth in the last twelve months. According to InvestingPro analysis, the company currently maintains a weak financial health score, with several key metrics suggesting operational challenges ahead.
Kuick, taking over the helm, indicated that the company’s expansion plans remain on track with two new locations already opened in 2025 and an additional seven to nine units expected to be launched within the year. These developments are part of a larger strategy involving a pipeline of over 100 units.
Twin Peaks, established in 2005 and headquartered in the Dallas suburb of Lewisville, operates 116 locations across the United States and Mexico. The brand is known for its sports lodge concept, offering a range of made-from-scratch dishes and a selection of cold beers.
The press release also contained forward-looking statements regarding the timing and success of new store openings. However, it noted that such statements are subject to various risks and uncertainties that could cause actual results to differ from expectations.
This news article is based on a press release statement from Twin Hospitality Group Inc.
In other recent news, Twin Hospitality Group Inc. has successfully completed its spin-off from FAT Brands Inc., marking a significant restructuring move. As of January 29, 2025, Twin Hospitality Group operates as an independent, publicly traded company. This separation was executed as a pro rata dividend distribution to FAT Brands’ shareholders, who received approximately 5% of Twin Hospitality Group’s Class A Common Stock. Shareholders were allocated 0.1520207 shares of Twin Hospitality Group for each share of FAT Brands they owned. Following the spin-off, Twin Hospitality Group’s Class A Common Stock began trading on the Nasdaq Global Market under the symbol "TWNP." The separation was governed by a Master Separation and Distribution Agreement and a Tax Matters Agreement, both established on January 24, 2025. These agreements outline the distribution terms and the ongoing relationship between Twin Hospitality Group and FAT Brands. The spin-off allows Twin Hospitality Group to focus on its core business independently.
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