SONIC Announces Leadership Transition
SONIC Corp. (NASDAQ: SONC) today announced that Chairman and Chief Executive Officer, Cliff Hudson, will retire and that President Claudia San Pedro will lead the company, effective as of the closing of SONIC's proposed acquisition by Inspire Brands, which is expected to occur in December, subject to shareholder approval. Mr. Hudson will assist with the transition, serving as Senior Advisor to SONIC until March 2019. Following completion of the transaction, Ms. San Pedro will report to Inspire Chief Executive Officer Paul Brown and will serve as part of the Inspire executive team.
Mr. Hudson is a 34-year veteran of SONIC, joining as assistant general counsel in 1984. Appointed as CEO in 1995, Hudson led the brand's growth from nearly 1,500 drive-ins in 27 states with systemwide sales of $905 million to 3,600 drive-ins in 45 states and systemwide sales of $4.5 billion. Only SONIC's founder, Troy Smith Sr., led the company for...
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