P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB – News) today announced that Russell Owens, president of Pei Wei Asian Diner, will resign from his position effective December 2008 to pursue other interests. Owens has served as Pei Wei’s president since he joined the company in May 2001.
“Russell is a true professional who nurtured the Pei Wei business from an embryonic concept with 2 restaurants to a strong business with 159 locations across the country and that’s an amazing accomplishment,” says Rick Federico, chairman and CEO of P.F. Chang’s China Bistro, Inc.
A search for Owens’ replacement will begin immediately. The Elliot Group is representing the company in identifying a strong leader with the strategic skills to build the business and to bring Pei Wei to the next level of growth and profitability.
“The new leader will be inheriting a business with solid underlying fundamentals,” Federico says. “It’s a fantastic opportunity to take a strong concept with great-tasting, high-quality food that is well-positioned in today’s economy.”