---
title: "Red Robin Gourmet Burgers, Inc. Announces Board Changes Following Completion of Refinancing"
url: https://burnaze.com/article/cf91b6a9-b98a-4493-bb34-e0283e7bd111
source: "Franchising.com"
original_url: https://www.franchising.com/news/20261028_red_robin_gourmet_burgers_inc_announces_board_changes_following_completion_.html
category: "Casual dining"
industry: "Restaurants"
segment: "Casual dining"
topics: ["Finance & M&A"]
published: 2026-10-28T12:00:00.000Z
modified: 2026-10-31T14:43:15.648Z
image: https://images.unsplash.com/photo-1560520653-9e0e4c89eb11?w=1600&q=80&auto=format&fit=crop
---

# Red Robin Gourmet Burgers, Inc. Announces Board Changes Following Completion of Refinancing

**TL;DR:** Red Robin Gourmet Burgers, Inc. has announced board changes following the completion of its refinancing with a $115 million credit facility. The company has strengthened its operating and financial position under its First Choice Plan, enabling it to refinance its prior credit agreement with a new facility led by JPMorgan Chase Bank, N.A.

*originally published in Franchising.com on 2026-10-28. [Read the original](https://www.franchising.com/news/20261028_red_robin_gourmet_burgers_inc_announces_board_changes_following_completion_.html).*

## Story

In connection with the resignations, the Board will decrease to six directors, five of whom will be independent.

Since December 2024, Red Robin has meaningfully strengthened its operating and financial position under its First Choice Plan. The Company has refreshed its menu, deepened its leadership team, improved restaurant-level margins, and advanced its refranchising program by selling more than 100 Company-operated restaurants.

Earlier this month, these efforts enabled the Company to refinance its prior credit agreement with a new five-year, $115 million senior secured commercial bank credit facility led by JPMorgan Chase Bank, N.A. The new facility, consisting of a $90 million term loan and a $25 million revolving credit facility, carries meaningfully lower borrowing costs than the prior agreement and gives management greater flexibility to continue executing its First Choice Plan.

"When we invested in Red Robin, we saw an iconic brand with a clear opportunity to improve operations and strengthen the balance sheet," said James Pappas and Chris Martin. "Dave Pace and his team have executed on that opportunity. The operational improvements and refranchising program culminated in a lower-cost commercial bank refinancing, which positions management to focus on growing the business rather than managing leverage."

"On behalf of our management team and our Board, I want to express our appreciation for James and Chris and their contributions and collaboration in the boardroom and their unwavering confidence in the management team as we navigated a highly complex path to firming up our balance sheet and our financial foundation," said Dave Pace, CEO and president of Red Robin.

Pappas and Martin continued, "This is the right time for us to step off the Board. We have great confidence in the leadership team and our fellow directors, and we believe Red Robin is well positioned to build on its momentum."

## Entities

- Franchising.com (publication)
- Finance (sector)
- Red Robin Gourmet Burgers, Inc. (company)
- Dave Pace (person)
- operational improvements (topic)
- credit facility (topic)
- refinancing (topic)
- board changes (topic)
- JPMorgan Chase Bank, N.A. (company)
- James Pappas (person)
- Chris Martin (person)

---
Originally reported by Franchising.com (https://www.franchising.com/news/20261028_red_robin_gourmet_burgers_inc_announces_board_changes_following_completion_.html). Summarized by Burnaze (https://burnaze.com/article/cf91b6a9-b98a-4493-bb34-e0283e7bd111).