The Board of Directors of The Steak n Shake Company (NYSE: SNS – News) announced today that they selected Peter Dunn as president and chief operating officer effective September 30, 2002.

Mr. Dunn will succeed Alan B. Gilman as president of Steak n Shake. Mr. Gilman will continue to serve as the chief executive officer, and, together with E. W. Kelley, will serve as co-chairman.

Mr. Dunn, age 47, was most recently president of Borden Foods Corporation, where he spearheaded the revitalization of several well-known national brands (Classico, Cracker Jacks, Eagle Brand, Cremora, and others) which resulted in major improvements in growth and profitability.

Mr. Dunn stated “Steak n Shake is a great brand with a cult-like following based on an excellent product offering, great attention to detail in its restaurants, and, above all, a unique dining experience. I am excited to lead an experienced management team to help grow Steak n Shake into a national brand.”