Diversified Restaurant Holdings, Inc. (SAUC) – ROGER LIPTON appointed to BOARD
About Diversified Restaurant Holdings, Inc.
Diversified Restaurant Holdings, Inc. is one of the largest franchisees for Buffalo Wild Wings with 64 franchised restaurants in key markets in Florida, Illinois, Indiana, Michigan and Missouri. DRH’s strategy is to generate cash, reduce debt and leverage its strong franchise operating capabilities for future growth. The Company routinely posts news and other important information on its website at http://www.diversifiedrestaurantholdings.com.
Diversified Restaurant Holdings Announces Board of Director Changes
SOUTHFIELD, MI, September 6, 2018 — Diversified Restaurant Holdings, Inc. (Nasdaq: SAUC) (“DRH” or the “Company”), one of the largest franchisees for Buffalo Wild Wings® (“BWW”) with 64 stores across five states, announced that effective August 30, 2018, Gregory J. Stevens has resigned from the Company’s Board of Directors in order to focus his efforts on his other businesses. Concurrently, the Board announced that Roger Lipton has been appointed as an independent director and will replace Mr. Stevens on the Compensation Committee.
“On behalf of the Board of Directors and management team, I would like to express our sincerest gratitude to Greg for his outstanding contributions to DRH since our inception. We wish him all the best in his future endeavors,” commented Michael Ansley, Executive Chairman.
Mr. Ansley added, “Roger is an accomplished investment professional who brings very relevant skills and experience to our Board. His unique perspectives and deep expertise in the restaurant industry will be extremely valuable at a time when DRH is positioning itself for its next stage of growth.”
Mr. Lipton is an investment professional with over four decades of experience specializing in chain restaurants and retailers, as well as macro-economic and monetary developments. He earned a B.S. in Mechanical Engineering at Rensselaer Polytechnic Institute and an MBA at Harvard. After working as an auditor with Price, WaterhouseCoopers for two years, he began a career on Wall Street, where he focused on the restaurant and franchising industries, from which he then moved on to build and operate a chain of fast casual restaurants in Canada. He subsequently spent 13 years at Ladenburg, Thalmann & Co., Inc. where he managed the Lipton Research Division, specializing in the restaurant industry. While at Ladenburg he sponsored an annual restaurant conference for investment professionals. He formed his own firm, Lipton Financial Services, Inc. in 1993, to invest in restaurant and retail companies. Mr. Lipton currently serves on the board of Barfly Ventures, operator of the Hopcat chain of casual dining restaurants.