SHARON — Quaker Steak & Lube of Sharon announced its chief executive officer has left the company and it has appointed an interim CEO.
In making the announcement Monday, the Sharon-based restaurant chain said John Longstreet, who has served as its CEO since 2010 stepped down from his position. No reason was given for his departure. Prior to that Longstreet had been involved on Quaker Steak’s board for six years.
Frederick Dreiboholz, who joined the company in 2012, was named its interim CEO. Both Longstreet’s departure and Dreiboholz’s appointment are effective immediately.
In announcing Longstreet’s departure, Debra Koenig, the Lube’s chairman, noted in a news release that he “embarked on a multipronged program when he took the helm of Quaker Steak, which included improving all aspects of operations.
“Fred and his team will build on these successes while targeting the specific challenges that face the restaurant industry today.”
Under Longstreet’s reign, the car-themed restaurant chain best known for its chicken wings and sauces, opened about a dozen restaurants in each of the last two years with plans to open a dozen more this year.
Dreibholz is a 30-year industry veteran and joined the company as chief financial officer.
He previously held posts at several restaurant groups, including Flik International, Champps Entertainment and Souper Salad. He has also worked with several private-equity firms such as restaurant industry investor Sun Capital Partners.
Dreibholz is a certified public accountant and earned an MBA in finance and accounting from Marquette University. He received an undergraduate degree from Cornell University.
Quaker Steak said Dreibholz has "extensive experience transforming small companies into large enterprises, achieving significant revenue growth and dramatic expansion" and also "maintaining a strong focus on cost control and profit."
Founded in 1974 at an abandoned gas station on Connelly Boulevard in downtown Sharon, The Lube began franchising about a decade ago with 63 restaurants now operating under its name.
The Lube grew its systemwide domestic sales 15.6 percent to $143.1 million in fiscal 2012, according to NRN’s Top 200 report. The company is owned by 44 shareholders who bought into a private offering when the company started franchising.