CKE Starts Takeover

As part of the first step in CKE Restaurants Inc.’s takeover of a Salt Lake City chain, four senior executives of the Utah operation resigned. Summit Family Restaurants Inc., which operates in nine states, said its president and chief executive, Don McComas, and three other senior executives resigned after CKE acquired an initial 16.5% stake in the company. Chairman Clark Jones was named interim president and chief executive. CKE, the Anaheim operator of the Carl’s Jr. fast-food chain, agreed earlier this year to acquire Summit for $32.3 million in cash and stock.