Restaurant industry analyst Howard Penney, managing director at Hedgeye Risk Management said, “Blum has extensive restaurant experience and abilities, including turnaround successes which require a very specific skill set. Blum’s leadership is the ideal solution for this struggling company. He knows how to get results, in the short term and in the long term.”Blum has now offered to serve as chairman and CEO of Cosi at a salary of $1 for his first year. Blum would leverage his experience on behalf of the company, including his ability to raise capital and "patient money" to help stimulate the performance of Cosi. This should enable Cosi to attract a new board of directors, selected from industry leaders and experts. It is anticipated that a NEW BOARD OF DIRECTORS would also be paid $1 salary for their first year of service.
BLUM Growth Fund Increases Investment In Cosi To 3.5 Million Shares; Calls For Restructure Of Board Of Directors
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