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Applebee's refused to make her CEO, so she bought the company and fired her old boss
Julia Stewart recently opened up about a bold business move that she made after getting burned by the head of Applebee's.
A woman who says she was once turned down for the CEO position at Applebee’s is making headlines this week for an incredible twist of fate. Years after being rejected, she purchased the entire company, and her first move was to fire the very boss who once dismissed her.
Julia Stewart, a serial entrepreneur and longtime restaurant group executive, recently opened up about the bold business move during an appearance on the Matthews Mentality Podcast. The 70-year-old recalled a pivotal conversation with her former boss, then the head of Applebee’s, after the chain was acquired by IHOP in a billion-dollar deal.
Stewart explained that she had previously served as president of Applebee’s and had been promised the CEO role if she could turn the company profitable. Rising to the challenge, she built a new team and worked tirelessly to transform the business. “What we did was pretty remarkable,” she said, as per a report by People.
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From being denied CEO role to firing her old boss
Within three years, Stewart successfully reshaped Applebee’s, doubled its stock price, and led it to significant growth. Confident in her achievements, she approached the CEO about the promised promotion, but his response left her stunned. “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, and he told her he “didn’t have to have an answer.”
Shocked and disappointed, Stewart resigned and later joined IHOP, where she spent five years revitalising the brand. After they were successful, she convinced the board of directors to buy another brand to continue growing.
While researching, she realised that Applebee’s could be “really interesting”. Then, one thing led to another, and IHOP eventually bought Applebee’s for a whopping $2.3 billion.
Once it was made official, Stewart called her former boss, the CEO and chair of Applebee’s, and told him about the purchase. Since they had acquired it, she said that they “didn’t need two of us” in leadership and that she was “going to have to let you go”.
Stewart went on to serve as chair and CEO of the parent company, Dine Brands Global, for a decade. At 70, she is still working. She's currently a board member at Bojangles, among other places, and the founder of a wellness app.
