Jack in the Box controller takes third spin as interim CFO

Dive Brief:

Jack in the Box controller Dawn Hooper will receive a $19,500 monthly boost to her annual base salary for stepping in as the company’s interim CFO effective next month, following the departure of finance chief Brian Scott, the company said in a recent securities filing.
Scott, 55, will leave the restaurant chain effective Nov. 20 to return to healthcare solutions provider AMN Healthcare — where he previously served a 17-year tenure — as its chief operating officer and CFO, according to press releases by the companies. The move to AMN gives Scott a compensation package valued in the millions, including a one-time equity grant with a value of $2 million, and another $2 million target annual award for 2025, AMN said in a filing with the Securities and Exchange Commission. He will also receive an annual base salary of $630,000, the Dallas-based company said.
Jack in the Box will begin a search for a permanent finance chief to serve as Scott’s successor, the company said. In the meantime, Hooper, a 24-year veteran of the company, “is expected to remain in the role until a permanent successor is appointed,” Jack in the Box said. Her compensation increase will begin Nov. 1, with an end to be determined by the board, the company said.

Dive Insight:

Hooper will be stepping into the San Diego-based company’s interim CFO seat for the third time as Jack in the Box — which operates its title Jack brand as well as the Del Taco chain — seeks to shore up wobbling sales.

Hooper stepped in as interim finance chief for a period in 2020, and then took the interim role again in 2023 following the departure of CFO Tim Mullaney, according to reports by Industry Dive sister publication Restaurant Dive. Before joining the restaurant chain in 2000, she began her career at Big Four firm KPMG and has served as Jack in the Box’s SVP and controller since December 2022, according to her LinkedIn profile.

The CFO swap follows after Jack in the Box posted a $122.3 million net loss for its most recent quarter, with same-store sales and revenue sliding, according to the company’s earnings report. For the quarter ended July 7, the company reported total revenues of $369.2 million, a 7% dip from the prior year period, with lower revenues “primarily the result” of re-franchising transactions related to its Del Taco brand, Jack in the Box said. The $122.3 million loss compares to net earnings of $29.2 million for its Q3 of fiscal 2023.

To help boost sales, Jack in the Box has taken steps including updating its mobile app to increase loyalty and drive digital orders, according to a report by Franchising.com. Late last month, it also announced a new 12-unit franchising deal in the city of Chicago, according to a company press release.

The company will be relying on Hooper’s expertise as interim finance chief to steer the company through ongoing headwinds. The $19,500 monthly salary hike Hooper will be receiving for her third turn as interim CFO is a jump from the $7,500 monthly increase she received for her second stint in the seat, according to company filings.

For the full year 2023, which included a stint as interim CFO before Scott took the seat permanently that August, Hooper received total compensation of $1.09 million, according to the company’s latest proxy filed in January. Her compensation edged out that of Scott, who received total compensation of $1.08 million, according to the proxy. Scott’s compensation mix included a sign-on bonus of $250,000 “that was paid in fiscal 2023 for repayment of his sign-on bonus with his former employer,” as well as “a new-hire cash bonus of $400,000 that was paid in December 2023 (fiscal 2024),” according to the proxy.

For his part, Scott is returning to AMN Healthcare in the dual position after serving as Jack in the Box’s CFO for just over a year, according to a filing at the time. Before Jack in the Box, he served as CFO for software developer Shiftkey.

His previous tenure at AMN includes a 10-year stint as its CFO and chief accounting officer from 2011 to 2021, according to the company press release. During his tenure as its finance chief, Scott “notably drove a fourfold increase in quarterly revenue and 13x increase in adjusted EBITDA from the fourth quarter 2010 through the second quarter 2021, aided by several highly accretive acquisitions,” AMN said.

Jack in the Box declined to comment beyond its press release. AMN did not immediately respond to requests for comment.