Two Red Robin Directors Exit as Investment Goals Are Substantially Achieved

Red Robin Gourmet Burgers, Inc., a casual dining restaurant chain known for its gourmet burgers and family-friendly environment, has announced the resignation of two of its board members, effective October 23, 2026. James Pappas, Managing Member of JCP Investment Management, LLC, and Chris Martin, Managing Director of Jumana Capital, are stepping down from the Board of Directors. Their departure follows their appointment to the board in December 2024, which was part of a strategic investment by Jumana and JCP in Red Robin. The company has now achieved the strategic goals associated with that investment.

With the resignations of Pappas and Martin, the Board of Directors will be reduced to six members, five of whom will be independent directors. Since their involvement, Red Robin has made significant strides in enhancing its operational and financial status through its First Choice Plan. The company has revamped its menu, bolstered its leadership team, improved margins at the restaurant level, and advanced its refranchising strategy by divesting over 100 company-operated restaurants.

Earlier this month, these improvements enabled Red Robin to successfully refinance its previous credit agreement. The company secured a new five-year senior secured commercial bank credit facility worth $115 million, led by JPMorgan Chase Bank, N.A. This facility includes a $90 million term loan and a $25 million revolving credit line, both of which offer considerably lower borrowing costs compared to the prior agreement. This refinancing provides management with increased flexibility to continue implementing the First Choice Plan.

In a joint statement, Pappas and Martin expressed their satisfaction with the progress made during their tenure, stating, “When we invested in Red Robin, we saw an iconic brand with a clear opportunity to improve operations and strengthen the balance sheet. Dave Pace and his team have executed on that opportunity. The operational improvements and refranchising program culminated in a lower-cost commercial bank refinancing, which positions management to focus on growing the business rather than managing leverage.”

Dave Pace, CEO and president of Red Robin, also acknowledged the contributions of Pappas and Martin, saying, “On behalf of our management team and our Board, I want to express our appreciation for James and Chris and their contributions and collaboration in the boardroom and their unwavering confidence in the management team as we navigated a highly complex path to firming up our balance sheet and our financial foundation.”

Pappas and Martin concluded their statement by emphasizing the timing of their decision to resign, noting, “This is the right time for us to step off the Board. We have great confidence in the leadership team and our fellow directors, and we believe Red Robin is well positioned to build on its momentum.”