Red Robin Gourmet Burgers, Inc. Announces Leadership Transition

David A. Pace, who currently serves as Chairman of the Board, will succeed Mr. Hart as President and CEO, effective immediately. Mr. Pace is a seasoned industry leader who will be focused on leading the Company through the next phase of its transformation. Mr. Hart will serve in an advisory capacity through September of this year to support a smooth transition.

In connection with this transition, Anthony S. Ackil, who currently serves as a Director on the Board, will succeed Mr. Pace as Chairman, also effective immediately. Mr. Pace will remain a member of the Board.

"It has been a privilege to lead such an iconic brand over the last two-and-a-half years. Together we have made important strides in strengthening the essential foundation of great food and great service, and I look at our progress with immense pride," said Mr. Hart.

"With key elements of the North Star plan now in place and as we close the books on another quarter of strong financial performance in the first quarter, we have reached a natural inflection point in Red Robin's transformation, and I am confident that the Company is in great hands with Dave to lead the next phase of this journey. Dave and I have built a trusted, long-standing relationship, and I know that his knowledge of our industry is second-to-none. I look forward to our continued collaboration throughout the transition period to best position the Company for its next chapter."

Mr. Pace has 35 years of leadership and turnaround experience in the food, beverage and retail industries. In addition to serving in multiple Board roles across our industry, he served as Co-CEO of Tastemaker Acquisition Corporation, a special purpose acquisition company focused on the restaurant, hospitality and related technology and service sectors, from 2020 to 2023.

Mr. Pace previously served as CEO of Jamba Juice Inc., where he led the brand through a highly successful repositioning and tripled profit performance, and as President of Carrabba's Italian Grill, where he oversaw broad operational changes, significant margin improvement and accelerated profit growth.

"We are confident in Dave's ability to step into the role of CEO at a pivotal time for Red Robin as we work to reaccelerate growth and deliver long-term, sustainable value for shareholders," said Allison Page, Chair of the Board's Nominating and Governance Committee. "Through his tenure on the Board, Dave has a deep understanding of our business and is ideally positioned to lead the Company through our ongoing transformation and beyond. The Board and I believe that the Company will benefit from Dave's extensive industry expertise as we continue to further strengthen our operations, in-restaurant guest experience and financial performance."

"I'm excited to be named CEO to capture the significant opportunities ahead for Red Robin," said Mr. Pace. "With a continued focus on delivering exceptional food and service and supporting our operators, I will be working with the team to enhance our marketing approach and re-invest in our facilities to increase guest engagement and grow traffic.

Additionally, we will be working to build our overall financial strength, reduce our debt and increase our operating flexibility. At its core, the Red Robin business is strong, and through continued focus and execution, I am confident we will deliver significant value to our guests and shareholders."

"On behalf of the full Board, I want to thank G.J. for all that he has done for Red Robin during his tenure both as CEO and as a member of the Board," Mr.

Pace continued. "Under G.J.

's leadership and the North Star plan, the Company has made critical investments in the quality of our offerings while also taking steps to reduce overall operating costs. His focus on improving hospitality and guest experience while building a winning culture has been integral to establishing the foundation upon which we can grow. We will continue to build upon the progress made under G.

J.'s leadership, and I wish him all the best."