Benihana announced the immediate resignation of CFO and VP of finance Jose Ortega on Wednesday, shortly after reporting an increase in sales.
Gene R. Baldwin will replace Ortega in the interim, while the company searches for a permanent CFO.
Benihana (NASDAQ: BNHN) signed Ortega to a consulting agreement to help with accounting matters during the transition.
Baldwin is a partner with the consulting firm CRG Partners Group. He will continue his duties there while working for Benihana. The Miami-based owner of Japanese-themed restaurants has been working with CRG since November.
According to a Securities and Exchange Commission filing, Benihana will pay Baldwin $525 an hour for his services.
Benihana also announced the resignation of Juan C. Garcia as president and chief administrative officer. While the board eliminated the latter position, it added the role of president to the title of CEO Richard C. Stockinger. It also increased Stockinger’s annual base salary from $350,000 to $500,000, retroactive to his hiring on Feb. 9, 2009, and eliminated the CEO’s monthly relocation allowance of $7,500.
The company reported total restaurant sales of $70 million in the third quarter ended Jan. 3, up 4.8 percent from $66.8 million in the same period last year. However, comparable restaurant sales were down 3.4 percent.
Benihana will announce its full operating results for the fiscal third quarter at a later time. The company lost $1.1 million in the fiscal second quarter
