Einstein / Noah Bagel CEO Quits
Einstein/Noah Bagel Corp. said Mark Goldston resigned as chief executive and that his duties will be assumed by Scott Beck, Boston Chicken Inc.'s president and co-chairman. Goldston, 43, who also resigned as an Einstein/Noah director and as Boston Chicken’s vice chairman, will return to consulting. He will consult for Golden, Colo.-based Boston Chicken, which operates the Boston Market chain and owns 53% of Einstein/Noah, as that company evaluates selling its prepared foods in grocery stores. The resignation comes after Einstein/Noah’s share price plummeted 82% this year as the operator and franchiser of bagel restaurants changed its strategy, buying out franchises. Analysts have said that’s expected to hurt the company’s earnings for more than a year. Einstein/Noah will not conduct a search for a new chief executive, a company spokesman said. Einstein/Noah shares fell 13 cents to close at $5.44; Boston Chicken shares rose 3 cents to close at $6.56. Both trade on Nasdaq.