Potbelly Corp (Nasdaq:PBPB) announced the appointment of Michael Coyne as its new Chief Financial Officer, effective May 1, 2015. Mr. Coyne will oversee all financial functions and will also be charged with positively impacting Potbelly’s analytical, productivity, and risk assessment capabilities.
“We are excited to have an executive of Mike’s caliber join the Potbelly Nation,” said Aylwin Lewis, Chairman and Chief Executive Officer of Potbelly. “Mike has a strong track record as an operational and financial executive. His personal integrity and experience make him a strong cultural fit for our company and an outstanding addition to our management team. His extensive experience running a business with full general management responsibilities will enable Mike to make significant contributions over time as we continue to execute the Potbelly growth strategy.”
Mr. Coyne assumes his new role with nearly 30 years of experience in a number of leadership positions across a variety of top tier companies. Most recently, Mr. Coyne served as Senior Vice President, Small Business at CNA Financial Corporation, and prior to that served as divisional Chief Financial Officer of CNA’s Property & Casualty Operations business. Prior to CNA, Mr. Coyne spent seven years at Sears Holdings Corporation, culminating as Vice President and Treasurer. Mr. Coyne also held various financial roles at Schering-Plough Corporation.
Mr. Coyne, a Certified Public Accountant, began his career with Ernst & Young. He completed his undergraduate work at the University of Illinois, and received an MBA from the J. L. Kellogg Graduate School of Management at Northwestern University.(Original Source)
Shares of Potbelly Corporation closed today at $14.32, down $0.04 or 0.3%. PBPB has a 1-year high of $18.50 and a 1-year low of $10.91. The stock’s 50-day moving average is $13.72 and it’s 200-day moving average is $13.20.
On the ratings front, Potbelly has been the subject of a number of recent research reports. In a report issued on February 27, Piper Jaffray analyst Nicole Miller Regan downgraded PBPB to Sell, with a price target of $12, which reflects a potential downside of -16.1% from last closing price. Separately, on February 18, William Blair’s Sharon Zackfia reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicole Miller Regan and Sharon Zackfia have a total average return of 5.2% and 17.8% respectively. Regan has a success rate of 57.5% and is ranked #1061 out of 3569 analysts, while Zackfia has a success rate of 71.4% and is ranked #356.
Potbelly Corporation, through its wholly-owned subsidiary, Potbelly Sandwich Works LLC, operates Potbelly Sandwich Works sandwich shops in 26 states & the District of Columbia. It offerstoasty warm sandwiches, signature salads & other fresh menu items.