She was once overlooked for the position of CEO, despite changing the fortune of a struggling casual dining chain in the US. It took Julia Stewart roughly seven years and roughly a couple of billion dollars to turn the tables.
Early Setback Despite Proven Success
Julia Stewart, a prominent figure in the American restaurant industry, faced a career-defining disappointment when she was denied the role of CEO at Applebee’s. According to Fortune, this decision came despite her remarkable track record of revitalizing the company’s fortunes. Stewart had joined Applebee’s in 1998 as president after serving seven years in senior leadership at Taco Bell. During her three-year tenure, both corporate and franchise sales surged, and the company’s stock value climbed significantly. Yet, when the time came for promotion, she claims she was overlooked for the top job, even after having been promised the position.
Finding Opportunity at IHOP
Rather than accept stagnation, Stewart moved to International House of Pancakes (IHOP) in 2001, as reported by IB Times. At the time, IHOP was struggling to maintain relevance in an increasingly competitive breakfast segment. Stewart recognized hidden potential and brought in a clear vision for growth. Within a few years, she managed to transform IHOP into a thriving brand, proving her capacity to lead companies toward long-term profitability and growth.
The Game-Changing Acquisition
Stewart’s boldest strategic move came in 2007. Under her leadership, IHOP acquired Applebee’s for approximately $2.1 billion, a transaction that dramatically shifted the dynamics of the casual dining sector. With this purchase, Stewart not only gained control of Applebee’s—the very company that had once bypassed her—but also merged the two giants under one umbrella. The combined entity was named DineEquity, later rebranded as Dine Brands Global, and quickly rose to become a major force in the global dining industry.
"I called the chair and CEO of Applebee's, and I said, 'Just wanted to say hi.' And he said, "I was expecting this call." Stewart shared during an appereance on The Matthews Mentality Podcast. "And I said, 'As you know, this morning, we announced that we have purchased, for $2.3 billion, the company, and we don't need two of us, so I'm gonna have to let you go."
Continued Legacy in Leadership
Stewart continued to serve as chair and CEO of Dine Brands Global for more than a decade, overseeing operations for both IHOP and Applebee’s. Even after stepping down, she remained active in business leadership. At age 70, she continues her professional journey as a board member for Bojangles, among other organizations, while also channeling her entrepreneurial spirit into founding a wellness-focused mobile application.
Through perseverance and vision, Julia Stewart not only overcame early career setbacks but also redefined leadership in the casual dining sector. Her journey, chronicled by Fortune and IB Times, stands as a testament to resilience and strategic foresight.
Early Setback Despite Proven Success
Julia Stewart, a prominent figure in the American restaurant industry, faced a career-defining disappointment when she was denied the role of CEO at Applebee’s. According to Fortune, this decision came despite her remarkable track record of revitalizing the company’s fortunes. Stewart had joined Applebee’s in 1998 as president after serving seven years in senior leadership at Taco Bell. During her three-year tenure, both corporate and franchise sales surged, and the company’s stock value climbed significantly. Yet, when the time came for promotion, she claims she was overlooked for the top job, even after having been promised the position.
Finding Opportunity at IHOP
Rather than accept stagnation, Stewart moved to International House of Pancakes (IHOP) in 2001, as reported by IB Times. At the time, IHOP was struggling to maintain relevance in an increasingly competitive breakfast segment. Stewart recognized hidden potential and brought in a clear vision for growth. Within a few years, she managed to transform IHOP into a thriving brand, proving her capacity to lead companies toward long-term profitability and growth.
The Game-Changing Acquisition
Stewart’s boldest strategic move came in 2007. Under her leadership, IHOP acquired Applebee’s for approximately $2.1 billion, a transaction that dramatically shifted the dynamics of the casual dining sector. With this purchase, Stewart not only gained control of Applebee’s—the very company that had once bypassed her—but also merged the two giants under one umbrella. The combined entity was named DineEquity, later rebranded as Dine Brands Global, and quickly rose to become a major force in the global dining industry.
"I called the chair and CEO of Applebee's, and I said, 'Just wanted to say hi.' And he said, "I was expecting this call." Stewart shared during an appereance on The Matthews Mentality Podcast. "And I said, 'As you know, this morning, we announced that we have purchased, for $2.3 billion, the company, and we don't need two of us, so I'm gonna have to let you go."
Continued Legacy in Leadership
Stewart continued to serve as chair and CEO of Dine Brands Global for more than a decade, overseeing operations for both IHOP and Applebee’s. Even after stepping down, she remained active in business leadership. At age 70, she continues her professional journey as a board member for Bojangles, among other organizations, while also channeling her entrepreneurial spirit into founding a wellness-focused mobile application.
Through perseverance and vision, Julia Stewart not only overcame early career setbacks but also redefined leadership in the casual dining sector. Her journey, chronicled by Fortune and IB Times, stands as a testament to resilience and strategic foresight.
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