Tony Roma's Names New President

DALLAS - Romacorp Inc., franchisors and operators of some 185 Tony Roma’s restaurants worldwide, announced on Monday that it has promoted its chief operating officer, Ken Myres, to be the firm’s new president. The president and chief executive officer position were left vacant from 2007 onwards when Marc Buehler left the position after just two months to become chief executive officer of Lone Star Steakhouse.

The firm’s new president stated, “Having just concluded fiscal year 2009, and notwithstanding the difficult economic environment, the company is in the best financial shape in over ten years. The company just ended the year with no debt and a significant positive cash balance. My commitment to the company and the Board is to continue to take the necessary steps to strengthen and enhance the overall Tony Roma’s experience for our guests, franchise partners, employees and all our stakeholders.”

Nearly three-quarters of Tony Roma’s restaurants are outside the United States. All international restaurants are franchised. Its website states that the total franchise fee for domestic is $40k and $50k for international units. A franchise’s royalty fee is 4% of net sales. The chain’s marketing fee for franchises is 0.5% domestically and 0.25% of net sales for international units.