OSI Restaurant Partners Chairman Resigns

Bill Allen resigned his position as chairman and a member of the board of directors for OSI Restaurant Partners LLC, parent to the Outback Steakhouse chain, on Jan. 1, but will remain as a consultant to help the company find acquisition and investment opportunities.

In a filing with the U.S. Securities and Exchange Commission last week, OSI said Allen, the company's former chief executive, "expressed no disagreement with the company on any matter relating to the company's operations, policies or practices," with his resignation from the board.

In August, Allen entered into a consulting agreement with OSI to recommend acquisition and investment opportunities for the company, according to company filings.

The company did not say who might succeed Allen as chair or take his seat as director. Calls to OSI were not returned by press time.

Allen served as chief executive for the casual-dining operator from 2005 to 2009, when he retired to serve as chairman. During his years at the helm, Allen led the company through a $3.2 million buyout by private-equity firms Bain Capital Partners LLC and Catterton Partners.

Tampa-based OSI Restaurant Partners also operates the Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar and Roy's Hawaiian Fusion Cuisine restaurant brands.

For the company's third quarter ended Sept. 30, OSI reported same-store sales increases across all brands, with Fleming's up 10.1 percent, and systemwide increases at Outback of 5.6 percent; Carrabba's, 6.3 percent and Bonefish, 7.4 percent.

Liz Smith, OSI's current chief executive, said it was the company's sixth consecutive quarter of positive same-store sale growth.

"We have made excellent progress driving performance across all concepts by improving menu innovation, service and marketing while building infrastructure for future growth," Smith said in a statement. "As we look toward 2012, we will continue our focus on transforming OSI into a sustainable growth company by increasing existing unit sales and by accelerating expansion domestically and internationally."

Contact Lisa Jennings at lisa.jennings@penton.com.
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