Michael James Snyder: Difference between revisions
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{{Short description|American business executive}} |
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{{Infobox person |
{{Infobox person |
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| name = Michael J. Snyder |
| name = Michael J. Snyder |
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| birth_date = February 24, 1950 |
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| death_date = {{death date and given age|2018|12|2|68}} |
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| death_place = [[Yakima County, Washington]], U.S. |
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| image = |
| image = |
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| nationality = American |
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| occupation = Investor |
| occupation = Investor |
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| known_for = former CEO of [[Red Robin]] |
| known_for = former CEO of [[Red Robin]] |
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}} |
}} |
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'''Michael James Snyder''' |
'''Michael James Snyder''' (February 24, 1950 – December 2, 2018) was an American business executive, who is best known for having been the first [[franchisee]] of the [[Red Robin]] restaurant chain. He was later named president, CEO, and chairman of the board of the concern. |
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==Early life== |
==Early life== |
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Snyder took his first job in the food industry in his grandfather's wholesale bakery as a young boy, and worked in the bakery throughout his childhood. He attended the [[University of Puget Sound]], graduating in 1972 with a bachelor's degree in finance.<ref name=Luce>{{cite web |url=http://www.pugetsound.edu/about/offices--services/office-of-communications/publications/arches/back-issues/arches-archive/autumn-2002/mike-snyder-72/ |archive-url=https://archive. |
Snyder took his first job in the food industry in his grandfather's wholesale bakery as a young boy, and worked in the bakery throughout his childhood. He attended the [[University of Puget Sound]], graduating in 1972 with a bachelor's degree in finance.<ref name=Luce>{{cite web |url=http://www.pugetsound.edu/about/offices--services/office-of-communications/publications/arches/back-issues/arches-archive/autumn-2002/mike-snyder-72/ |archive-url=https://archive.today/20130217100615/http://www.pugetsound.edu/about/offices--services/office-of-communications/publications/arches/back-issues/arches-archive/autumn-2002/mike-snyder-72/ |url-status=dead |archive-date=2013-02-17 |author=Beth Luce |publisher=[[University of Puget Sound]] |title=Mike Snyder '72: Do the right thing |date=Autumn 2002 |accessdate=December 20, 2012 }}</ref> |
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==Business career== |
==Business career== |
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In 1979 Snyder and his brothers, Steve Snyder and Brad Snyder, became the first franchisees of the Red Robin hamburger restaurant, officially turning the restaurant into a chain. In 1989 he then opened the first out of state restaurant in [[Boise]], [[Idaho]] |
In 1979 Snyder and his brothers, Steve Snyder and Brad Snyder, became the first franchisees of the Red Robin hamburger restaurant, officially turning the restaurant into a chain. In 1989 he then opened the first out of state restaurant in [[Boise]], [[Idaho]]. The brothers would then open 14 restaurants in Colorado, Idaho, and Washington over the years, with annual revenues of over $40 million per year by the mid-1990s. The restaurants are operated by an organization called The Snyder Group.<ref name=Mook>{{cite news |url=http://www.bizjournals.com/denver/stories/1997/09/15/smallb1.html?page=all |author=Bob Mook |newspaper=[[Denver Business Journal]] |accessdate=December 20, 2012 |date=September 14, 1997 |title=Red Robin CEO soars to new heights}}</ref> The franchisor company had been sold by its original owners to a Japanese company previously however the company had not been doing well. In response, Snyder, as a franchisee, went to [[Tokyo]] to present the parent company with a new business plan, and returned the new COO and president of the company in 1998. |
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Next Michael Snyder was promoted to CEO. In 1994 he moved the company's headquarters from California to [[Denver, Colorado]] and in 1991 he was made chairman of the board.<ref name=Mook /><ref name=FU>{{cite web |url=http://www.fundinguniverse.com/company-histories/red-robin-gourmet-burgers-inc-history/ |publisher=Funding Universe |title=Red Robin Gourmet Burgers, Inc. History |accessdate=December 20, 2012}}</ref> |
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In 2009 Snyder merged his franchise company with the franchisor Red Robin company, forming the Red Robin Gourmet Burgers company.<ref>{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=DP&p_theme=dp&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EAF457A239A9771&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |date=June 13, 2000 |accessdate=December 20, 2012 |title=Red Robin agrees to Snyder merger Eatery chain gets $25 million boost | |
In 2009 Snyder merged his franchise company with the franchisor Red Robin company, forming the Red Robin Gourmet Burgers company.<ref>{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=DP&p_theme=dp&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EAF457A239A9771&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |date=June 13, 2000 |accessdate=December 20, 2012 |title=Red Robin agrees to Snyder merger Eatery chain gets $25 million boost |newspaper=[[Denver Post]]}}</ref> Since Snyder took the reins in 1996, the company experienced twenty-four consecutive quarters of growth.<ref name=TWST>{{cite news |url=http://www.twst.com/interview/15286 |title=CEO Interview: Michael Snyder |date=April 1, 2003 |accessdate=December 20, 2012 |publisher=The Wall Street Transcript}}</ref> During this period, Snyder grew the number of restaurants by, with average sales per restaurant increasing by over 50%. He then took the company public in 2002.<ref name=Luce /> About half the company's restaurants at this point were company owned, with the other half being franchised.<ref name=TWST /> He also developed the company's business model of what the company and the press called "unbridled service", which encourages employees to act beyond their scope in bringing enjoyment to customer experiences and take advantage of situations to go beyond their usual job in making diners happy.<ref>{{cite news |url=https://news.google.com/newspapers?id=IGRWAAAAIBAJ&sjid=MPIDAAAAIBAJ&pg=2873,35993&dq=mike+snyder+red+robins&hl=en |title=Red Robin boss enthusiastic about Spokane |date=April 1, 2000 |accessdate=December 20, 2012 |publisher=[[Spokesman Review]] |author=Amy Cannata |page=5}}</ref> Red Robin was named the restaurant chain of the year in 2005 by ''Restaurant Hospitality'',<ref>{{cite web |url=http://restaurant-hospitality.com/features/rh_imp_9173 |title=Rockin'Robin - Chain of the Year 2005 |publisher=Restaurant Hospitality |accessdate=January 9, 2013 |date=August 1, 2005 |author=Gina LaVecchia}}</ref> which had previously written that the success of Red Robin was due directly to Snyder's leadership.<ref>{{cite web |url=http://restaurant-hospitality.com/features/rh_imp_3166 |title=Red Robin Heads East |publisher=Restaurant Hospitality |accessdate=January 9, 2013 |date=August 1, 2001 |author=Bob Krummert}}</ref> Snyder left his positions with the company late that year amid allegations of fraud, which led to a [[U.S. Securities and Exchange Commission|SEC]] investigation and settlement and shareholders lawsuit,<ref>{{cite web |title=Michael J. Snyder: Lit. Rel. No. 20142 / June 4, 2007 |url=https://www.sec.gov/litigation/litreleases/2007/lr20142.htm |website=www.sec.gov |access-date=31 May 2023}}</ref><ref>{{cite news |title=Red Robin ex-CEO settles SEC fraud charges over pay |url=https://www.reuters.com/article/us-redrobin-sec-snyder/red-robin-ex-ceo-settles-sec-fraud-charges-over-pay-idUSN0420610820070604 |access-date=31 May 2023 |work=Reuters |date=4 June 2007 |language=en}}</ref><ref>{{cite news |title=Retirement and General Release Agreement--Michael J. Snyder |url=https://www.sec.gov/Archives/edgar/data/1171759/000119312505165278/dex101.htm |access-date=31 May 2023 |work=www.sec.gov}}</ref> but up until his death in December 2018 remained the largest individual shareholder in the company, having held a 6.6% ownership stake.<ref name=Lewis>{{cite news |url=http://www.denverpost.com/allewis/ci_5933460 |author=Al Lewis |title=Red Robin CEOs fly high |newspaper=[[Denver Post]] |date=May 20, 2007 |accessdate=December 20, 2012}}</ref> At the time of his death he was also the Managing Partner of Calliope Investment Company LLC. |
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==Death== |
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Snyder committed suicide by gunshot on December 2, 2018, in Yakima County, Washington. He was 68.<ref>{{Cite web|url=https://www.nydailynews.com/news/national/ny-news-red-robin-ceo-mike-snyder-dies-20181204-story.html|title = Former Red Robin CEO Mike Snyder dies of suicide at 68|website = [[New York Daily News]]}}</ref> |
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==References== |
==References== |
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{{DEFAULTSORT:Snyder, Michael James}} |
{{DEFAULTSORT:Snyder, Michael James}} |
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[[Category: |
[[Category:1950 births]] |
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[[Category: |
[[Category:2018 suicides]] |
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[[Category: |
[[Category:2018 deaths]] |
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[[Category:Place of birth missing |
[[Category:Place of birth missing]] |
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[[Category:University of Puget Sound alumni]] |
[[Category:University of Puget Sound alumni]] |
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[[Category:Businesspeople from Washington (state)]] |
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[[Category:20th-century American businesspeople]] |
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[[Category:21st-century American businesspeople]] |
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[[Category:American chief executives of food industry companies]] |
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[[Category:Suicides by firearm in Washington (state)]] |
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Latest revision as of 00:31, 26 August 2023
Michael J. Snyder | |
|---|---|
| Born | February 24, 1950 |
| Died | (aged 68) |
| Occupation | Investor |
| Known for | former CEO of Red Robin |
Michael James Snyder (February 24, 1950 – December 2, 2018) was an American business executive, who is best known for having been the first franchisee of the Red Robin restaurant chain. He was later named president, CEO, and chairman of the board of the concern.
Early life
[edit]Snyder took his first job in the food industry in his grandfather's wholesale bakery as a young boy, and worked in the bakery throughout his childhood. He attended the University of Puget Sound, graduating in 1972 with a bachelor's degree in finance.[1]
Business career
[edit]In 1979 Snyder and his brothers, Steve Snyder and Brad Snyder, became the first franchisees of the Red Robin hamburger restaurant, officially turning the restaurant into a chain. In 1989 he then opened the first out of state restaurant in Boise, Idaho. The brothers would then open 14 restaurants in Colorado, Idaho, and Washington over the years, with annual revenues of over $40 million per year by the mid-1990s. The restaurants are operated by an organization called The Snyder Group.[2] The franchisor company had been sold by its original owners to a Japanese company previously however the company had not been doing well. In response, Snyder, as a franchisee, went to Tokyo to present the parent company with a new business plan, and returned the new COO and president of the company in 1998.
Next Michael Snyder was promoted to CEO. In 1994 he moved the company's headquarters from California to Denver, Colorado and in 1991 he was made chairman of the board.[2][3]
In 2009 Snyder merged his franchise company with the franchisor Red Robin company, forming the Red Robin Gourmet Burgers company.[4] Since Snyder took the reins in 1996, the company experienced twenty-four consecutive quarters of growth.[5] During this period, Snyder grew the number of restaurants by, with average sales per restaurant increasing by over 50%. He then took the company public in 2002.[1] About half the company's restaurants at this point were company owned, with the other half being franchised.[5] He also developed the company's business model of what the company and the press called "unbridled service", which encourages employees to act beyond their scope in bringing enjoyment to customer experiences and take advantage of situations to go beyond their usual job in making diners happy.[6] Red Robin was named the restaurant chain of the year in 2005 by Restaurant Hospitality,[7] which had previously written that the success of Red Robin was due directly to Snyder's leadership.[8] Snyder left his positions with the company late that year amid allegations of fraud, which led to a SEC investigation and settlement and shareholders lawsuit,[9][10][11] but up until his death in December 2018 remained the largest individual shareholder in the company, having held a 6.6% ownership stake.[12] At the time of his death he was also the Managing Partner of Calliope Investment Company LLC.
Death
[edit]Snyder committed suicide by gunshot on December 2, 2018, in Yakima County, Washington. He was 68.[13]
References
[edit]- ^ a b Beth Luce (Autumn 2002). "Mike Snyder '72: Do the right thing". University of Puget Sound. Archived from the original on 2013-02-17. Retrieved December 20, 2012.
- ^ a b Bob Mook (September 14, 1997). "Red Robin CEO soars to new heights". Denver Business Journal. Retrieved December 20, 2012.
- ^ "Red Robin Gourmet Burgers, Inc. History". Funding Universe. Retrieved December 20, 2012.
- ^ "Red Robin agrees to Snyder merger Eatery chain gets $25 million boost". Denver Post. June 13, 2000. Retrieved December 20, 2012.
- ^ a b "CEO Interview: Michael Snyder". The Wall Street Transcript. April 1, 2003. Retrieved December 20, 2012.
- ^ Amy Cannata (April 1, 2000). "Red Robin boss enthusiastic about Spokane". Spokesman Review. p. 5. Retrieved December 20, 2012.
- ^ Gina LaVecchia (August 1, 2005). "Rockin'Robin - Chain of the Year 2005". Restaurant Hospitality. Retrieved January 9, 2013.
- ^ Bob Krummert (August 1, 2001). "Red Robin Heads East". Restaurant Hospitality. Retrieved January 9, 2013.
- ^ "Michael J. Snyder: Lit. Rel. No. 20142 / June 4, 2007". www.sec.gov. Retrieved 31 May 2023.
- ^ "Red Robin ex-CEO settles SEC fraud charges over pay". Reuters. 4 June 2007. Retrieved 31 May 2023.
- ^ "Retirement and General Release Agreement--Michael J. Snyder". www.sec.gov. Retrieved 31 May 2023.
- ^ Al Lewis (May 20, 2007). "Red Robin CEOs fly high". Denver Post. Retrieved December 20, 2012.
- ^ "Former Red Robin CEO Mike Snyder dies of suicide at 68". New York Daily News.