Red Robin Gourmet Burgers, Inc. filed an 8-K on October 27, 2026, announcing the resignations of directors James C. Pappas and Christopher Martin from the company's Board of Directors, effective October 23, 2026.

Key Highlights

  • Two directors resigned: James Pappas, Managing Member of JCP Investment Management, LLC, and Chris Martin, Managing Director of Jumana Capital, stepped down effective October 23, 2026.
  • Board size reduced: Following the departures, the Board will decrease to six directors, five of whom will be independent, according to the filing.
  • Refranchising milestone: The company reported selling more than 100 Company-operated restaurants as part of its refranchising program since December 2024.
  • New credit facility: Red Robin refinanced its prior credit agreement with a new five-year, $115 million senior secured commercial bank credit facility led by JPMorgan Chase Bank, N.A.
  • Facility structure: The new facility consists of a $90 million term loan and a $25 million revolving credit facility, carrying "meaningfully lower borrowing costs than the prior agreement," according to the filing.
  • Director tenure: Pappas and Martin joined the Board in December 2024 in connection with an additional investment in Red Robin by Jumana and JCP.

Red Robin Board Shrinks to Six Following Investor-Director Exits

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) disclosed in a Form 8-K filed October 27, 2026, that James Pappas and Chris Martin resigned from its Board of Directors effective October 23, 2026. The filing states that both directors joined the Board in December 2024 "in connection with an additional investment in Red Robin by Jumana and JCP," and that "the strategic objectives behind that investment have now been substantially achieved."

According to the filing, since December 2024 the company has operated under its "First Choice Plan," during which it refreshed its menu, deepened its leadership team, improved restaurant-level margins, and advanced its refranchising program by selling more than 100 Company-operated restaurants. The filing attributes the subsequent refinancing in part to those efforts, noting that earlier in October 2026 the company replaced its prior credit agreement with a new five-year, $115 million senior secured commercial bank credit facility. That facility, led by JPMorgan Chase Bank, N.A., is structured as a $90 million term loan and a $25 million revolving credit facility.

Pappas and Martin are quoted in the filing as saying: "Dave Pace and his team have executed on that opportunity. The operational improvements and refranchising program culminated in a lower-cost commercial bank refinancing, which positions management to focus on growing the business rather than managing leverage." CEO Dave Pace is also quoted expressing appreciation for the directors' "contributions and collaboration in the boardroom." The filing notes that forward-looking statements regarding strategy, growth, and Board composition are subject to risks and uncertainties detailed in the company's periodic SEC reports.

What Was Disclosed

Red Robin disclosed the October 23, 2026, resignations of two investor-affiliated directors, a resulting reduction of the Board to six members (five independent), completion of a 100-plus-restaurant refranchising program, and a new $115 million credit facility structured as a $90 million term loan and $25 million revolver.