Fogo de Chão's Larry Johnson to Retire as CEO and Become Chairman of the Board
Fogo de Chão, Inc. (“Fogo” or the “Company”) announced that Larry Johnson will retire from the role of Chief Executive Officer (CEO) on December 31, 2018, after 11 years as the Company’s CEO. Johnson will become Chairman of the Board of Directors on that day. Concurrently, Fogo’s current President, Barry McGowan, will become Chief Executive Officer and will join the Board of Directors.
Under Johnson’s leadership from 2007 through 2018, the Company achieved outstanding performance and proven global portability, growing from 11 locations in the United States and Brazil to 51 locations worldwide, and increasing revenue by a factor of two and one half times, from $132 million to more than $330 million. Johnson was also integral in leading the Company through its successful initial public offering in 2015 and subsequent “go-private” transaction earlier this year.
“Larry Johnson is an exceptional leader who has guided Fogo through extraordinary growth from a local Brazilian steakhouse to a world renowned restaurant brand,” said Eytan Tigay, Board Director and Managing Director and Chief Investment Officer of Rhône Capital, whose affiliated funds acquired Fogo in 2018. “In that time, he also developed the foundation for long-term success, building an enduring brand and an outstanding leadership team that is poised to continue delivering superior performance. On behalf of the Board of Directors and everyone at Fogo, we want to thank Larry for his leadership and look forward to his continued contributions as Chairman.”
Johnson commented: “It has been my privilege and honor to be a part of the Fogo family for the past 11 years. The time is right to pass the reins to Barry to continue to execute our shared strategic vision for this tremendous brand. Barry’s vast operating experience and deep understanding of Fogo and its people make him the ideal choice to lead Fogo into its next phase of growth.”
“I am very pleased and honored to assume this new role,” said McGowan. “Fogo is a unique company unlike any other in the restaurant industry, and it has been my distinct pleasure these past five years to work alongside a high-performing team of people who care about delivering an authentic, Brazilian churrasco experience that makes Fogo what it is. I thank Larry for his leadership and our collaboration, and I am confident that we are going to build upon our existing accomplishments to further elevate this iconic brand.”