Dive Brief:
- Driven Brands Holdings appointed finance veteran Michael Diamond, a former Pizza Hut executive, to become its new CFO, the automotive services company said Thursday.
- Diamond, who most recently has served as CFO of The Michaels Companies, will assume his new role on Aug. 9, according to a Driven press release. Joel Arnao, who has served as Driven’s interim CFO since May 2024, is set to continue as senior vice president of FP&A, Investor Relations, and Treasury.
- "Mike is a proven leader who brings deep experience leading financial teams, a strong track record of successfully driving growth strategies, and M&A expertise," Driven President and CEO Jonathan Fitzpatrick said in the release.
Dive Insight:
Driven owns franchises such as Take 5 Oil Change, Meineke Car Care Centers, and Maaco. The automotive services giant, which went public in 2021, has over 3,250 centers across the U.S. and Canada, according to its website.
Driven produced total revenues of $612 million during the second quarter, up 1% year over year, according to results released Thursday. The company’s net income for the quarter was $30.2 million, down from $37.7 million a year earlier.
Driven’s incoming finance chief will receive an annual base salary of $700,000, as well as a one-time cash bonus of $200,000, subject to repayment if he voluntarily leaves the company prior to July 29, 2025, according to a securities filing.
Diamond, 42, served as CFO of The Michaels Companies from August 2020 through July 2024, according to the filing. Prior to that, he spent six years at Yum! Brands in various roles, including as CFO of Pizza Hut U.S.
He also previously spent five years as a consultant and project leader for The Boston Consulting Group and two years as a private equity analyst for Svoboda Capital Partners. Diamond began his career as an investment banking analyst at Merrill Lynch & Co.
The new CFO hire comes roughly three months in the wake of news that then finance chief Gary Ferrera was resigning after just about one year on the job, with the Charlotte, North Carolina-based company’s shares slumping about 20% on May 2 to close at $11.69, CFO Dive previously reported.
He has since been named CFO of MoneyGram International. During his final earnings call as Driven’s CFO, Ferrara said the team was now focused “on accelerating growth in 2024 while remaining hyper focused on generating cash flow and delivering.”
Driven’s stock price surged about 8% Thursday to close at $14.51 per share.
