Julia Stewart served as Applebee's president in the late 1990s and was told she would not become CEO. She departed and became chief executive of rival IHOP, later acquiring Applebee's for $2.3 billion. After the acquisition she contacted the then-chair and CEO and informed him that two leaders were unnecessary. Stewart had led Applebee's through a strong turnaround, with system sales rising 14% to $2.35 billion in 1999 and basic and diluted earnings per share increasing by 20%, while doubling the company's stock during her tenure.
The then chair and CEO said, 'When you and the team turned this company around, we'll make you CEO.' I said, 'That's perfect, that's just perfect for me,'
We don't need two of us, so I'm gonna have to let you go.
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