Chuck E. Cheese's CFO steps down

June 17, 2003

IRVING, Texas-- CEC Entertainment, Inc. (NYSE: CEC), parent company of 440-store Chuck E. Cheese's, announced that Rodney Carter, its executive vice president and chief financial officer, has resigned to pursue other business interests.

According to a release, Carter had been with the company for three years. No reasons were given for his departure.

In another release, CEC announced the initiation of a stock repurchase plan in which it will buy back $25 million worth of its own shares.

According to the release, the timing and extent of the purchases will depend on market conditions; they will be funded by operating cash flow and, as necessary, the company's credit facility.

Over the past 10 years, CEC has repurchased some $135 million of its own common stock.

Shares of CEC traded near $35.80 each on June 18, down about 4 percent from the prior day's close.

Topics: Financial Management , Public Companies

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