NEW YORK (TheStreet) -- Shares of Bob Evans Farms Inc. (BOBE) are higher by 2.95% to $52 in pre-market trading on Monday morning, following the company's announcement its CEO, Steve Davis, has "by mutual agreement with Bob Evans board of directors" decided to step down.
The restaurant company, with brands including Bob Evans and Country Creek said the change will take place immediately, and that CFO Mark Hood and president of the Bob Evans Food business Mike Townsley have both been appointed to the office of interim CEO.
Davis has also given up his position as director of the company, but will remain with Bob Evans until the end of the year in order to help with the transition period.
The management change comes as Bob Evans is working to improve its performance, the Associated Press reports.
Separately, TheStreet Ratings team rates BOB EVANS FARMS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BOB EVANS FARMS (BOBE) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."