Famous Dave's Enhances Corporate Governance Principles and Practices
MINNEAPOLIS--(BUSINESS WIRE)--March 21, 2006--FAMOUS DAVE'S OF AMERICA, INC. (NASDAQ:DAVE) today announced that its Board of Directors recently approved several measures to further improve its corporate governance policies. The new measures include enhancements in guidelines for Board member activities, performance review standards for the Board and its individual members, CEO succession planning requirements, and Board and executive stock ownership guidelines. These are in addition to the existing guidelines which have received Institutional Shareholder Services' recognition as better than 98% of all the companies ranked in its Corporate Governance Quotient (CGQ).
The amendments to Famous Dave's Corporate Governance Principles and Practices further strengthen the company's commitment to corporate governance practices that best serve its shareholders. Among the new provisions is a requirement that any member serving on more than four "for-profit" entities is expected to offer his or her resignation to the Board. In addition to the current annual evaluation of the Board of Directors by the Corporate Governance and Nominating Committee, the Board will now conduct an annual performance review of itself and the Chairman of the Board and the chairperson of the Corporate Governance and Nominating Committee will conduct annual performance reviews of each individual director. Succession planning provisions have been strengthened to provide that the entire Board will annually recommend and approve the succession plan pertaining to the company's Chief Executive Officer. The Board also adopted minimum stock ownership guidelines, setting forth the levels of ownership required of Board members and top executive officers of Famous Dave's.
"We continuously seek ways to best serve our shareholders through excellence in corporate governance," said Jeff Dahlberg, Chairman of the Board of Famous Dave's. "The new additions to our principles and practices ensure even more accountability by the Board and demonstrate a commitment to leadership in corporate responsibility." Famous Dave's President and CEO David Goronkin added, "At Famous Dave's, we are committed to being the absolute best in barbeque, and that commitment extends equally to the boardroom."
Famous Dave's of America's Corporate Governance Principles and Practices as Amended and Restated on February 22, 2006 are available at the Investor Relations section of the company's website (www.famousdaves.com.)
About Famous Dave's. Famous Dave's of America, Inc. (NASDAQ:DAVE) develops, owns, operates and franchises barbeque restaurants. As of March 17, 2006, the company owned 40 locations and franchised 91 additional units in 33 states and had signed development agreements for an additional 190 franchised locations. Its menu features award-winning barbequed and grilled meats, an ample selection of salads, side items and sandwiches, and unique desserts. Contact information: Diana G. Purcel (952) 294-1300.
Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company's actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectations include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company's SEC reports.
CONTACT: Famous Dave's of America, Inc., Minneapolis Diana G. Purcel, 952-294-1300 SOURCE: Famous Dave's of America, Inc.