FAT Brands CEO Andy Wiederhorn is leaving his role in May and will become an outside consultant and strategic adviser to the company, which owns 17 restaurant brands, including Fatburger, Marble Slab Creamery, Fazoli’s, Twin Peaks and Elevation Burger. He hopes to eliminate the distraction of the previously announced government investigation tied to him and allow senior management to focus on continuing to drive shareholder value, according to a company release.
In March 2022, the LA Times broke the news regarding pending lawsuits against Wiederhorn as well as an FBI inquiry into allegations of securities and wire fraud, money laundering and attempted tax evasion. Wiederhorn denied all allegations, stating he looks forward to his legal team demonstrating “that all transactions were properly documented, reviewed, approved and disclosed.”
“While I will be stepping aside as CEO, I will continue to support the growth and evolution of FAT Brands, including championing our talented executive team, which has over the past five years taken the company from two brands to 17 iconic restaurant brands with over 2,300 units and systemwide sales of $2.2 billion annually,” he said in the release. “In 2022 we were named Public Company of the Year by the Los Angeles Business Journal, due in large part to the hard work and dedication of our corporate teams and franchise partners.”
He will continue to serve as a FAT Brands board member and his family office, Fog Cutter Holdings LLC, will continue as the controlling shareholder, according to the release. The appointment of an interim CEO will be announced prior to the transition date.
