Shares of Ruby Tuesday Lower on CEO Resignation

Shares of Ruby Tuesday (RT) were lower Wednesday following news that the CEO has stepped down. The move comes about one month after the restaurant chain announced that it would be closing about 13% of its stores because of declining sales. James Buettgen joined the company as CEO in December 2012 and his resignation is effective immediately. The board appointed. F. Lane Cardwell Jr. as its interim CEO until a successor is found. Cardwell, who is a director on Ruby Tuesday's board, was previously the CEO of Boston Market and president of P.F. Chang's China Bistro.

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