Rametta, who acquired Ranch *1 in 1996, has since been responsible for the restaurants' operating systems and product development.
Chickara also stepped in at Ranch*1 in 1996. He had previously established Arnie's Bagelicious Bagels, Inc, a bagel manufacturing company based in New York which was bought by Quaker Oats in 1994.
ABC News and Reuters contributed to this story.
The five times weekly e-newsletter that keeps you up-to-date on the latest industry news and additions to this website.