Michael Mendelsohn Appointed Vice President, Finance for IHOP
GLENDALE, CA--(Marketwire - April 16, 2008) - IHOP Restaurants ("the Company") today announced the appointment of Michael Mendelsohn to the position of vice president, finance. Mendelsohn, as a member of the IHOP brand executive team, will provide leadership for the Company's finance function including all analytical and strategic support for the IHOP business unit as it seeks to maximize financial performance.
Additionally, Mendelsohn will manage those accounting functions that have a direct impact on the performance of the business unit. He also has primary responsibility for ensuring the appropriate financial and internal controls, along with achievement of the financial milestones and objectives, for IHOP are met.
"We are excited to have a financial professional of Michael's caliber join the IHOP brand," said Tom Conforti, IHOP Corp.'s chief financial officer. "His experience and leadership skills will enable him to make an immediate contribution to the IHOP business unit."
Mendelsohn most recently served as chief financial officer and executive vice president, information technology for Teleflora LLC, which provides products and services to its network of over 20,000 retail florists. In this role, he was responsible for all financial and information technology activities including financial analysis, credit and accounting. Previously, Mendelsohn held vice president positions for Walt Disney Internet Group, including vice president, business operations and vice president, finance and planning, where he was responsible for improving the profitability of Disney's internet business.
Mendelsohn earned a bachelor of arts in economics from The Johns Hopkins University, and a masters in business administration from The University of Chicago Graduate School of Business.
About IHOP Restaurants
Based in Glendale, California, International House of Pancakes (IHOP) Restaurants is a wholly-owned subsidiary of IHOP Corp. (NYSE: IHP) which through its subsidiaries franchises and operates restaurants under the IHOP and Applebee's Neighborhood Grill & Bar brands. With more than 3,300 restaurants combined, IHOP Corp. is the largest full-service restaurant company in the world. IHOP Corp.'s common stock is listed on the NYSE under the symbol "IHP." For more information on IHOP Corp., visit the Company's Web site located at www.ihop.com.
Forward-Looking Statements
There are forward-looking statements contained in this news release. They use such words as "may," "will," "expect," "believe," "plan," or other similar terminology, and include statements regarding the strategic and financial benefits of the acquisition of Applebee's International, Inc., expectations regarding integration and cost savings, and other financial guidance. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: the implementation of the Company's strategic growth plan; the availability of suitable locations and terms for the sites designated for development; the ability of franchise developers to fulfill their commitments to build new restaurants in the numbers and time frames covered by their development agreements; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; risks associated with executing the Company's strategic plan for Applebee's; risks associated with the Company's incurrence of significant indebtedness to finance the acquisition; the failure to realize the synergies and other perceived advantages resulting from the acquisition; costs and potential litigation associated with the acquisition; the ability to retain key personnel after the acquisition; conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customers or food supplies or acts of war or terrorism; availability and cost of materials and labor; cost and availability of capital; competition; continuing acceptance of the IHOP, International House of Pancakes and Applebee's brands and concepts by guests and franchisees; the Company's overall marketing, operational and financial performance; economic and political conditions; adoption of new, or changes in, accounting policies and practices; and other factors discussed from time to time in the Company's news releases, public statements and/or filings with the Securities and Exchange Commission, especially the "Risk Factors" sections of Annual and Quarterly Reports on Forms 10-K and 10-Q, as well as releases, statements and SEC filings by Applebee's International, Inc. prior to its acquisition by the Company. Forward-looking information is provided by IHOP Corp. pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
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