Industry News | June 17, 2004

Schlotzsky's Replaces Chief Exec

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After a year plus of struggles, Schlotzsky's board of directors removed the senior management of the company and elected a new interim chief executive officer.

A company spokesperson said the board action included removing company president and CEO John Wooley and replacing him on an interim basis with David Samuel Coats, a veteran business executive. Senior vice president Jeffrey Wooley, John Wooley's brother, also was removed from office. Both Wooleys remain as directors of the company.

The board also replaced its chairman, Floor Mouthaan, with director Gary M. Cadenhead, a member of the faculty at the McCombs School of Business at the University of Texas at Austin. Former Texas comptroller of public accounts John Sharp was elected vice chairman of the board.

Coats, the interim chief executive, is a Dallas lawyer with "extensive management experience in general business and the airline industry," according to a statement issued by the company. He has served as CEO of a leading U.S. package tour operator and of a software company that provided revenue management systems to more than 80 airlines.