RCI Hospitality Holdings announces executive leadership changes

RCI Hospitality Holdings, Inc. (NASDAQ:RICK) announced changes to its executive leadership, according to a press release statement based on a filing with the Securities and Exchange Commission. The announcement comes as the company’s stock trades at $24.36, having fallen over 56% year-to-date and 52% over the past year, according to InvestingPro data.

On Tuesday, Eric Langan and Bradley Chhay informed the company that they would step down from their roles as President and Chief Executive Officer and Chief Financial Officer, respectively, effective Friday. The board of directors has appointed Travis Reese as Interim President and Chief Executive Officer and Albert Molina as Interim Chief Financial Officer, also effective Friday.

Eric Langan will remain on the board and continue as an employee, advising company subsidiaries on strategic corporate transactions, including identifying and negotiating potential acquisitions. Bradley Chhay will also continue as an employee, advising on financial budgeting, forecasting, capital allocation strategy, mergers and acquisitions, and related integration. Under their leadership, management has been aggressively buying back shares, one of several InvestingPro Tips highlighting the company’s shareholder-friendly practices.

Travis Reese, age 56, has served as Executive Vice President and board member since 1999. His responsibilities have included oversight of information technology and development of internal systems. Reese also created the company’s Bombshells Restaurant and Sports Bar concept in 2013 and has been involved in the adult entertainment industry since 1992.

Albert Molina, age 56, has been the company’s Director of Financial Reporting since August 2016, working on SEC and financial reporting. Before joining RCI Hospitality Holdings, Molina managed financial reporting and technical accounting at other publicly traded restaurant and retail companies and has previous experience as a controller and senior financial analyst. He is a Certified Public Accountant licensed in the Philippines.

There have been no immediate changes in compensation for Reese or Molina in connection with their interim appointments. Molina does not currently have an employment agreement and receives annual compensation of $260,000, with bonus eligibility, expense reimbursement, health benefits, participation in benefit plans, and two weeks paid vacation.

Langan and Chhay will continue to receive their previous compensation and vest in previously awarded stock options under the company’s 2022 Stock Option Plan while employed.

The company stated there are no transactions or proposed transactions requiring disclosure involving Reese or Molina. The information is based on a press release statement and the company’s SEC filing.

In other recent news, RCI Hospitality Holdings, Inc. reported a 3.1% decline in its fourth-quarter sales, amounting to $69.8 million for the period ending September 30, 2025. The company’s Nightclubs segment experienced a slight increase in sales by 0.4% to $60.5 million, while its Bombshells restaurant segment saw a significant drop of 21.2% in sales, reaching $9.4 million. In a notable corporate move, RCI Hospitality announced leadership changes, appointing Travis Reese as Interim President and CEO and Albert Molina as Interim CFO. Eric Langan and Bradley Chhay have stepped down from their roles but will continue to advise the company on strategic matters. Additionally, RCI Hospitality executed a share buyback, acquiring 821,000 shares from ADW Capital Partners, reducing its outstanding shares by approximately 9.5%. The company also formed a strategic partnership with Austin club owner Jonathan Joseph, who acquired a 49% interest in Rick’s Cabaret Austin for $1.8 million. Furthermore, RCI Hospitality modified its debt agreements, extending the maturity dates of promissory notes and raising $3.25 million in new notes. These developments highlight the company’s ongoing strategic adjustments and financial activities.

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