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© History Oasis
These restaurant leaders built America’s most recognizable restaurant chains through mortgage gambles, billion-dollar revenge plots, and spectacular failures.
Ruth’s Chris Steak House Founder (1965-2002)
Ruth Fertel mortgaged her home in 1965 to buy Chris Steak House for $22,000. As a divorced single mother, she needed college tuition money. When Hurricane Betsy flooded New Orleans, she cooked for relief workers during a week-long blackout. A fire destroyed the original restaurant in 1976. When she tried to expand the chain, her contract banned using “Chris Steak House” at new locations, so she added her own name.
Cracker Barrel Founder & CEO (1969-2001)
Dan Evins founded Cracker Barrel in Lebanon, Tennessee, in 1969. He leased land on gasoline station sites near interstate highways. When gas shortages hit, he pivoted away from pumps and into the restaurant game. The company went public in 1981, raising $10.6 million. Ray was obsessed with customer experience, driving over 5 million miles visiting 644 locations from 1977 to 2017. The company won “Best Family Dining” for 19 consecutive years under Evins’ leadership.
The Cheesecake Factory Founder & CEO (1978-2019)
David Overton dropped out of law school to become a drummer. When music failed, he convinced his parents to move to Los Angeles with $10,000 to start a wholesale cheesecake business. In 1978, he opened the first restaurant with a one-page menu featuring ten cheesecakes. The menu expanded to over 250 items. He sketched restaurant designs on cocktail napkins and banned outsiders from test kitchens. His obsession with detail worked; revenue reached $2.3 billion by 2018.
Buffalo Wild Wings Founders (1982-2002)
Disbrow and Lowery met at a figure skating competition in 1981. They couldn’t find Buffalo-style wings in town, so they opened their own restaurant near Ohio State in 1982. Staff delivered “Better-Be-Ready-Blazin’” wings wearing fireman outfits with sirens. Their concept worked, and they became some of the most famous restaurateurs of all time.
Texas Roadhouse Founder & CEO (1993-2021)
Kent Taylor was rejected by investors over 80 times. He once chased Larry Bird through an airport to pitch his steakhouse concept. His persistence eventually paid off. A couple of Kentucky doctors invested $300,000 after Taylor sketched designs on a cocktail napkin. He rented a Texas P.O. box for comment cards despite having no Texas locations. During IPO presentations, he wore jeans and a cowboy hat instead of suits. He donated his $800,000 salary during COVID-19, but sadly died of self-inflicted wounds in 2021.
P.F. Chang’s Co-Founders (1993-1996)
Paul Fleming dined regularly at Philip Chiang’s family restaurant, Mandarette. Chiang was the son of legendary restaurateur Cecilia Chiang. Fleming wanted to share their simple recipes with the masses. With a handshake, P.F. Chang’s was born in 1993. The name combined Fleming’s initials and Chiang’s last name. Upon building a successful concept, Fleming stepped down in 1996 after opening 13 restaurants.
TGI Fridays CEO (2018-2023, 2024-present)
Ray Blanchette trained as a manager at Philadelphia TGI Fridays in 1989. He rose the ranks to become CEO from 2018 to 2023, then again in 2024 post-bankruptcy. Under his leadership, TGI Fridays began selling sushi alongside pub fare. TGI Fridays bartenders trained Tom Cruise for Cocktail. The chain peaked in 2008 with 601 restaurants generating $2 billion.
Applebee’s President, then IHOP CEO (1998-2017)
Julia Stewart started as an IHOP waitress at 16. From the bottom, she would climb a variety of different management positions until she held top positions in both Applebee’s and IHOP. She joined Applebee’s as president in 1998, promising the CEO role if she made it profitable. She doubled stock prices but was denied the promotion. She moved to IHOP as CEO in 2001. In 2007, after being rejected for the top job at her previous employer, IHOP acquired Applebee’s for $2.3 billion. Stewart called the executive who denied her promotion and said, “We don’t need two CEOs.”
P.F. Chang’s CEO, Now Red Lobster CEO (2020-2023, 2024-present)
At 31, Damola Adamolekun became P.F. Chang’s first Black CEO in 2020. Born in Nigeria, he moved to the U.S. at age 9. He worked at Goldman Sachs with little restaurant experience. When he advised buying P.F. Chang’s in 2019, he became CEO when the hired executive failed. He removed items like Asian mac and cheese, saying, “Slapping ‘Asian’ in front doesn’t make it Asian.” In 2024, he became Red Lobster’s youngest CEO at 35.
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