Denied CEO post, woman buys company and fires her former boss: ‘Really interesting'
Julia Stewart, once denied the CEO role at Applebee’s despite meeting targets, later led IHOP to buy the chain for $2.3B and boldly fired her former boss, turning betrayal into triumph.
A woman who was promised the role of chief executive officer (CEO) if she met targets was stabbed in the back. But she didn’t break down. Instead, in a bold business move, she purchased the entire company and fired her boss. Julia Stewart, a seasoned entrepreneur and veteran restaurant industry executive, opened up about her experience during an appearance on the Matthews Mentality Podcast. The 70-year-old recounted that she once worked as president of Applebee’s and was promised she’d become CEO if she turned the company around.
How did she turn Applebee’s around?
Accepting the challenge, she worked round the clock to build a new team and tirelessly transform the business. “What we did was pretty remarkable,” she said, as per a report by People.
Within three years, profits went up, stock doubled, Stewart claimed — but when she asked for the role, the CEO bluntly told her, “No, not ever.”
“I said, ‘So I’m thinking it’s about time to be CEO,’” she recalled. “And he says, ‘No.’” When Stewart pressed for clarity, he told her, “‘No, not ever.’” When she asked why, he said he “didn’t have to have an answer.”
What did she do after the setback?
Stunned by the rejection, Stewart resigned and went on to join IHOP, where she spent five years turning the struggling chain around. Once the brand was back on track, she persuaded the board to pursue an acquisition to fuel further growth.
How did Applebee’s come back into the picture?
While researching, she realised that Applebee’s could be “really interesting.” One thing led to another, and IHOP eventually bought Applebee’s for a whopping $2.3 billion.
What happened after the acquisition?
After the deal was finalized, Stewart called her former boss, the CEO and chair of Applebee’s, to inform him of the purchase. She told him they “didn’t need two of us” in leadership and that she was “going to have to let you go.”
Read | Woman claims Indian-origin boss fired her after she bought a car: ‘Nothing was done without consent’
Where is she now?
Stewart later served as chair and CEO of the parent company, Dine Brands Global, for a decade. Now 70, she remains active, serving on the board of Bojangles and other companies, and is the founder of a wellness app.