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Mr. Goldfarb is a director and senior investment analyst at Pirate Capital LLC, a significant stockholder of the Company. This appointment is pursuant to an agreement, a copy of which is attached to the Company's Form 8-K filed in conjunction with this release.
Mr. Byron Allumbaugh, Chairman of the Board of Directors of the Company, stated that "The Company is pleased with this appointment and believes Mr. Goldfarb will be a positive addition to the Board of Directors as the Company continues to execute its plans to generate growth and create value for all stockholders. The Company's management outlined these strategic plans in its recent earnings conference call and in the script attached to its recent 8-K filing."
Mr. Goldfarb said, "I believe the management of CKE has done an outstanding job of bringing the Company to where it is today and positioning it for further success, and look forward to making a valuable contribution to the continued success of the Company."
Mr. Goldfarb's appointment will be effective as of the next regularly scheduled Board meeting, which is expected to be in late June. See the Company's Form 8-K filed in conjunction herewith.
Andrew F. Puzder, President and Chief Executive Officer, said, "We've significantly improved CKE's operating performance and balance sheet in recent years. Now, as we transition from our turnaround phase to a growth phase, we look forward to Mr. Goldfarb's contributions to the Company's future success."