She Was Passed Over for a Promotion to CEO. So She Acquired the Company and Took Over the Role Anyway. Julia Stewart, 70, a longtime restaurant group chief executive and serial entrepreneur, was passed over for a promotion — and then got the ultimate revenge.
By Erin Davis
Key Takeaways
- About 25 years ago, Julia Stewart, Applebee's then-president, was snubbed for a promotion to CEO.
- Six years later, she acquired the company and took over the role.
- Stewart's story is going viral this week.
Serial entrepreneur and longtime restaurant group chief executive Julia Stewart, 70, is going viral this week for making one of "the best moves in leadership" when it comes to business deal comebacks.
After seven years as a senior leader at Taco Bell, Julia Stewart joined Applebee's as president in 1998. She left after three years when she was denied a promotion to CEO, she says, despite being promised and earning the role — during her tenure, company and franchise sales skyrocketed, and so did the stock price, per Fortune. Soon after the snub, she joined IHOP as chair and CEO in 2001, per LinkedIn.
After about six years in the role, in November 2007, IHOP acquired Applebee's for $2.1 billion, and Stewart had a phone call to make.
"I called the chair and CEO of Applebee's, and I said, 'Just wanted to say hi.' And he said, 'I was expecting this call,'" Stewart recently told The Matthews Mentality Podcast. "And I said, 'As you know, this morning, we announced that we have purchased, for $2.3 billion, the company, and we don't need two of us, so I'm gonna have to let you go."
@kylematthewsceo Replying to @Lindsay The best do ever do it… Julia Stewart. Episode 59 of The Matthews Mentality Podcast #f#fypp#podcastclipsp#plottwistp#powermove ♬ original sound - Kyle Matthews | Sales Tips
Stewart would continue to serve as the chair and CEO of the parent company, Dine Brands Global, for another decade.
And at 70, Stewart is still working. She's currently a board member at Bojangles, among other places, and the founder of a wellness app.
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