Bloomin’ Brands, the parent company of Outback Steakhouse, has appointed Michael Spanos as its new CEO. Spanos, who recently left his position as Chief Operating Officer at Delta Air Lines, takes over from David Deno, who announced his retirement in May.
Spanos’s departure from Delta, following a tumultuous period marked by a major CrowdStrike-related outage that disrupted thousands of flights, had been anticipated. He was reportedly exploring new opportunities prior to the incident. At Delta, Spanos’s tenure lasted just a year and coincided with a significant operational challenge for the airline.
As Spanos steps into his role at Bloomin’ Brands, he faces the challenge of reversing the company’s declining share price, which has plummeted 38% in 2024, including a 4% drop just today. The casual dining sector, as noted by outgoing CEO David Deno, has underperformed, prompting a reduction in the company’s full-year guidance.
Before joining Delta, Spanos was CEO of Six Flags Entertainment and had a long career at PepsiCo and the Pepsi Bottling Group. His new role at Bloomin’ Brands will focus on revitalizing the company’s performance and addressing the current market challenges.
