Mike Spanos Named CEO of Bloomin' Brands

Mike Spanos has been appointed CEO of Bloomin' Brands, the parent company of Outback Steakhouse, starting September 3, following David Deno's retirement. Spanos, previously Delta Air Lines' COO, received a $500,000 signing bonus, doubling the $250,000 bonus he received from Delta just over a year ago. His initial compensation package at Bloomin' Brands is valued at nearly $12.3 million, amidst the company facing a 35% decline in stock price this year. Spanos will retain benefits from Delta, including potential severance pay and stock awards, depending on the terms of his departure. Bloomin' Brands, which operates multiple restaurant chains, seeks to leverage Spanos' extensive experience in managing complex organizations during challenging times. Share prices for the company have dropped significantly, highlighting the urgency for effective leadership.