Steve Goodweather, the CFO of Luby’s Inc has resigned. He will be replaced by interim CFO Eric Montague who will continue to be employed by Winthrop Capital Advisors. They have been advising the company as it winds down its operations.
Luby’s, whose shares are still trading on the NYSE (market cap $126 million), has now sold all its Luby’s cafeterias and Fuddruckers restaurants. Those deals were announced in June. However it still owns 54 real estate locations that it is now in the process of selling. Luby’s also still has to sell its Culinary Contract Services business.
Mr. Goodweather joined Luby’s in 2006 as the Director of Financial Planning and Analysis and became CFO in April 2020. He will receive a severance of one year’s base salary ($215,000). 16,000 shares of restricted stock will also vest, worth about $64,000. Previous CFO Scott Gray, left in April 2020 with a $105,231 severance. Mr. Gray had been the CFO since 2007.
Luby’s will pay Winthrop Capital Advisors a monthly fee of $10,000 for the services of Mr. Montague.