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Texas Roadhouse CEO Taylor Dies; Jerry Morgan Is Named New Chief

Texas Roadhouse names current President Jerry Morgan as new CEO following the death of the company’s founder, CEO and chairman, Kent Taylor.

Texas Roadhouse  (TXRH) - Get Report named current President Jerry Morgan as CEO of the restaurant chain following the death of the company’s founder, CEO and chairman, Kent Taylor.

In a statement, Texas Roadhouse said its board appointed Morgan to assume the CEO title of the Louisville-based company, effective immediately. The company didn't specify Taylor's cause of death, which occurred on Thursday. Morgan’s appointment to CEO was part of the company’s succession plan.

"We are deeply saddened by the loss of Kent Taylor. He founded Texas Roadhouse and dedicated himself to building it into a legendary experience for 'Roadies' and restaurant guests alike," Greg Moore, lead director, said in a statement.

“While you never expect the loss of such a visionary as Kent, our succession plan, which Kent led, gives us great confidence. Jerry’s operational background and 20-plus years of Texas Roadhouse experience will be key in helping the company and roadies move forward after such a tragic loss,” Moore added.

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A 23-year veteran of Texas Roadhouse, Morgan has more than 35 years of restaurant management experience with Texas Roadhouse, Bennigan’s and Burger King. Morgan started his Texas Roadhouse career in 1997 as managing partner of the company’s first restaurant in Texas. 

At last check, shares of Texas Roadhouse were down 1.35% at $94.88.

In stock market action early Friday, futures were rising modestly, a day after the Nasdaq slumped more than 3% as inflation worries sent Treasury yields soaring to their highest levels in 14 months.

Meanwhile, TheStreet's Jim Cramer discussed Okta  (OKTA) - Get Report, Plug Power  (PLUG) - Get Report and Chewy  (CHWY) - Get Report during the Lightning Round of his "Mad Money" show Thursday evening.

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