Julia Stewart, who worked as the President of Applebee’s, was denied the role of the CEO when the position was open despite meeting her targets. She worked tirelessly around the clock to transform the business, which saw profits soar in a short period. “What we did was pretty remarkable,” said Stewart to People Magazine. Applebee’s is an American restaurant and bar chain that serves a variety of popular dishes at affordable prices.
In three years, Stewart managed to reshape Applebee’s profits which eventually made its stock value to double in price. The significant growth led her to confidently believe in taking the CEO’s role and guiding the company’s performance. She said that she approached the management for the CEO’s role, as they promised her a promotion if she steers the company in the right direction.
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Confident in her professional achievements, the President was seemingly optimistic to take on the role, but the CEO of the firm refused to entertain her accomplishments. She approached the CEO to take on the role, “I said, ‘So I’m thinking it’s about time to be CEO,’” of Applebee’s, she recalled. “And he says, ‘No.’” When she pressed for clarity, the CEO responded, “‘No, not ever,’” and he “didn’t have to have an answer.”
Julia Stewart Resigned From Applebee’s & Joined IHOP
Shocked and disappointed, Stewart offered her resignation and parted ways with Applebee’s and joined IHOP. Her new firm is also a restaurant chain that specializes in American breakfast foods like pancakes, among others. After working for a few years, she led an opportunity where IHOP could eventually buy Applebee’s for $2.3 billion.
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The deal went through, and IHOP acquired Applebee’s in 2007 for a sum of $2.3 billion. This is where she indulged in revenge after the takeover. She fired the CEO, saying they “didn’t need two of us,” and the company is “going to have to let you go”. She worked there for a decade as CEO until she retired in 2017.