Buffalo Wild Wings CEO Has Been Pushed Out

(RTTNews) - Shares of Buffalo Wild Wings Inc. (BWLD) gained 4% in Friday trading after the company announced that its Chief Executive Officer Sally Smith will retire by the year-end.

During a shareholder meeting, Sally Smith, who has been the CEO of Buffalo Wild Wings for over two decades, said she would retire from the restaurant chain "before the end of the year."

Buffalo Wild Wings announced it has initiated a search process to find Smith's successor. Smith also withdrew her name for election to the board. The board will not nominate a replacement.

"Sally has delivered countless contributions to Buffalo Wild Wings for more than two decades and much of our success to date is directly attributed to her leadership," said Jerry Rose, chairman of the Buffalo Wild Wings board, in a statement.

Buffalo Wild Wings is currently in a fight with activist investor Marcato Capital Management, which has criticized on the company's current model owning half of its locations. Marcato, led by principal Mick McGuire, has been suggesting the company to sell 80 percent of its company-owned restaurants to franchisees as well as reorganize its board.