Chief Operating Officer Daniel Rivera to Become
President and Chief Executive Officer on May 9, 2025
Jonathan Fitzpatrick Stepping Down as President
and CEO; Will Continue Serving on the Board of Directors as
Non-Executive Chair and Serve as Senior Advisor
Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or
the “Company”) today announced that its Board of Directors has
named Chief Operating Officer Daniel Rivera as President and Chief
Executive Officer and has appointed him to the Board, effective May
9, 2025. On February 24, 2025, Jonathan Fitzpatrick, who has served
as Driven Brands’ President and CEO since 2012, notified the Board
of his intent to step down as President and CEO effective on May 9,
2025. Mr. Fitzpatrick will continue to serve on the Board and has
been appointed as Non-Executive Chair of the Board effective May 9,
2025. Mr. Fitzpatrick has also agreed to serve as a senior advisor
for the remainder of 2025, working closely with Mr. Rivera to
ensure a smooth transition. Neal Aronson, current Chairman of the
Board, will continue to serve as a director.
Mr. Rivera joined Driven Brands as Chief Information Officer in
October 2012. Since then, he has held roles of increasing
responsibility, including as Meineke Brand President; President of
Take 5 Oil Change; Group President of the Maintenance segment; and,
most recently, as Chief Operating Officer where he has overseen
each of the Company’s business segments. Mr. Rivera previously held
leadership roles at AutoNation, Burger King Corporation and General
Electric.
Mr. Rivera’s appointment follows a thoughtful and comprehensive
multi-year succession planning process, led by the Board’s
Nominating & Corporate Governance Committee.
Peter Swinburn, Chair of the Board’s Nominating & Corporate
Governance Committee, said, “Danny has made an impressive impact on
Driven Brands throughout his tenure. He is a strong, focused leader
with the experience, operational acumen, industry perspective, and
business insights to successfully execute on Driven Brands’
strategic objectives. The Board views succession planning as one of
its most important responsibilities, and we are confident Danny is
the right person to lead Driven Brands.”
“I am honored to be appointed as the next CEO of Driven Brands,”
said Mr. Rivera. “When I joined the Company 12 years ago, I was
inspired by our talented team, leading brands, loyal customers and
the strength of our platform. My conviction in this business and
the opportunities that lie ahead has only grown since then. I look
forward to continuing to build on our momentum and drive profitable
growth.”
Mr. Fitzpatrick said, “Serving as Driven Brands’ CEO has been
the most rewarding and fulfilling accomplishment of my professional
career. I am grateful to our world-class team for its commitment to
our customers, franchisees, company and each other, and I am deeply
proud of what we have accomplished. I have tremendous confidence in
Danny and his ability to lead the Company into the future. I look
forward to continuing to work with Danny and the Board to achieve
our goals.”
Mr. Swinburn added, “On behalf of the full Board, I thank
Jonathan for his extraordinary vision and leadership, including
growing the business from $38 million of Adjusted EBITDA in 2012 to
over $550 million of Adjusted EBITDA in 2024 and leading the
Company through its IPO. Jonathan has been a tremendous partner and
instrumental in enabling Driven Brands to grow into the industry
leader it is today. The Company will continue to benefit from his
expertise as Non-Executive Chair.”
Driven Brands noted that, in connection with the CEO transition,
the Board will be expanded to 11 directors.
About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest
automotive services company in North America, providing a range of
consumer and commercial automotive services, including paint,
collision, glass, vehicle repair, oil change, maintenance and car
wash. Driven Brands is the parent company of some of North
America’s leading automotive service businesses including Take 5
Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®,
1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven
Brands has approximately 5,200 locations across 13 countries, and
services approximately 70 million vehicles annually. Driven Brands’
network generates approximately $2.3 billion in annual revenue from
approximately $6.5 billion in system-wide sales.
Disclosure Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are generally identified by
the use of forward-looking terminology, including the terms
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “likely,” “may,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “target,” “will,” “would” and, in
each case, their negative or other various or comparable
terminology. All statements other than statements of historical
facts contained in this Press Release, including statements
regarding our strategy, future operations, future financial
position, future revenue, projected costs, prospects, trends,
plans, objectives of management, impact of accounting standards and
outlook, impairments, and expected market growth are
forward-looking statements. In particular, forward-looking
statements include, among other things, statements relating to: (i)
our strategy, outlook and growth prospects; (ii) our operational
and financial targets and dividend policy; (iii) general economic
trends and trends in the industry and markets; (iv) the risks and
costs associated with the integration of, and our ability to
integrate, our stores and business units successfully; (v) the
proper application of generally accepted accounting principles,
which are highly complex and involve many subjective assumptions,
estimates, and judgments and (vi) the competitive environment in
which we operate. Forward-looking statements are not based on
historical facts, but instead represent our current expectations
and assumptions regarding our business, the economy and other
future conditions, and involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance, or achievements to be materially different
from any future results, performance, or achievements expressed or
implied by the forward-looking statements. It is not possible to
predict or identify all such risks. These risks include, but are
not limited to, the risk factors that are described under the
section titled “Risk Factors” in our Annual Report on Form 10-K for
the fiscal year ended December 30, 2023 as well as in our other
filings with the Securities and Exchange Commission, which are
available on its website at www.sec.gov. Given these uncertainties,
you should not place undue reliance on these forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250225528827/en/
Shareholder/Analyst inquiries: Dawn Francfort ICR, Inc.
investors@drivenbrands.com (203) 682-8200
Media inquiries: Taylor Blanchard
taylor.blanchard@drivenbrands.com (704) 644-8129
Driven Brands (NASDAQ:DRVN)
Historical Stock Chart
From Jan 2025 to Feb 2025
Driven Brands (NASDAQ:DRVN)
Historical Stock Chart
From Feb 2024 to Feb 2025