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Friendly Ice Cream CEO Departs

Friendly Ice Cream (FRN) President and Chief Executive John L. Cutter has resigned to pursue other interests.

Chairman Donald N. Smith is assuming oversight responsibilities on a temporary basis as the company seeks a replacement, the family restaurant operator said in a press release.

Cutter has been the company's chief executive and president since February 2003.

"The Board and I appreciate John's many contributions to the company and wish him well," Smith said.

Shares of Friendly were recently off 18 cents to $10.02

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