Guzman y Gomez founder: ‘I’m not going anywhere’
The chief executive of Mexican fast-food chain Guzman y Gomez, Steven Marks, says he is “not going anywhere” and will keep his grip on the ASX-hopeful as it eyes an initial public offering as soon as next year.
However, the New York native admitted he is hunting for a successor and looking for a new chief financial officer after Rebecca Lowde left after less than a year in the job.
“I want to make clear, I’m not going anywhere. I’m really trying to find someone who can codify excellence and really roll this business out,” Mr Marks toldThe Australian Financial Review.
“I’ll be in the business as well focusing on brand, strategy and food and letting them run the day-to-day operations of the business. Honestly, I’m 51, and I’ve never felt better.”
Guzman y Gomez CEO Steven Marks at a store opening in Cairns last month. Richard Walker
GYG has not gone as far as appointing advisers, but Mr Marks said an IPO is “definitely on the cards in the next few years”. “It could be next year, but we have not decided.”
A health scare about six months ago led the GYG founder to reevaluate his life. He needs someone to “share the load” at the group operating 202 locations across Australia, Japan, Singapore, and pushing into the United States.
The company posted a 32 per cent increase in network sales to $759 million in fiscal 2023.
Hilton Brett, an adviser at backer TDM Growth Partners, is acting CFO until a replacement is found. Mr Marks said Ms Lowde was highly competent but “just not the right fit”.
TDM sold a parcel of GYG shares valued at about $1 million last year but still controls 35 per cent of the business, a stake valued at more than $500 million. Other backers include Barrenjoey, Aware Super, Athletic Ventures and Point King
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