Calny Inc. Fires Chief Executive
Calny Inc., a major Taco Bell franchisee based in San Mateo, said Tuesday that its president and chief executive, Robert T. Larive, “has been relieved of his duties.”
In a statement, the company said the management change had been under consideration for several months and was made “in order for the company to best concentrate on its business operations and its earnings performance.”
Larive will be replaced on an interim basis by Chairman Martin T. Hart, who has held that position since Nov. 5. Hart, a private investor, had been a board member when he was elevated to chairman.
Larive is a member of a partnership that recently made an unsolicited tender offer for Calny’s outstanding common stock.
In announcing Larive’s firing, Hart said Calny is also rejecting the $11.50-per-share offer, which he said was inadequate and subject to several unacceptable conditions.
Calny operates 139 Taco Bell restaurants in California, Oregon, Texas and Washington and 15 La Petite Boulangerie bakeries in Seattle.
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