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Largest Pizza Inn shareholder wants to expand board with two pizza veterans

November 3, 2003

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THE COLONY, Texas—Newcastle Partners L.P., which holds a 35.4 percent stake in The Colony, Texas-based Pizza Inn, has moved to nominate two new members to the board of directors over the 410-store buffet pizza chain.

According to a Nov. 2 Securities and Exchange Commission filing, nominees Barry M. Barron and Robert B. Page are pizza industry veterans of Papa John's and Pizza Hut.

The filing also said that to elect the board members, Pizza Inn's bylaws would have to be amended since at present, its bylaws allow no more than seven total board members.

A third nominee this year (Steven J. Pully, who is president of Newcastle Management, currently is a board member but whose term expires in 2003) would push it to nine.

The nominations will be voted on during Pizza Inn's annual shareholders' meeting on Dec. 16.

Nominees have pizza experience

According to another SEC filing, Barron is executive vice president of ACE Cash Express, a U.S. check-cashing firm specializing in cash advances on tax returns. Until February of 2001, Barron was senior vice president, International Division at Papa John's International, Inc., and served previously as the number-three chain's vice president of operations in its Southwest Division. Barron also worked in various positions at Pizza Hut, Inc. from 1984 to 1994. His last post there was region manager for Dallas.

Robert Page currently is a Shoney's franchisee and a past chief operations officer of Gordon Biersch Brewery Restaurants, Inc. In addition to a seven-year stint at Tony Roma's, during which time he was chief executive officer, chief operations and president, he served as senior vice president of operations at NPC International, Pizza Hut's largest franchisee with about 800 stores.