Phoenix-Based Peter Piper Restaurant Chain Hires FedEx VP as CEO - PhoenixCEOCFO.com

Phoenix-Based Peter Piper Restaurant Chain Hires FedEx VP as CEO

Phoenix-based Peter Piper Restaurant, one of the top 20 pizza restaurant chains in the country, has hired Joseph Luongo as the new CEO. Luongo had recently served as a Senior VP of the International Division at FedEx-Kinkos. In 1991, after serving a stint in the Air Force, he joined Pizza Hut, where he was in charge of district operations of 75 locations in the greater New York area. From 1998 to 2000, he served as a Director for Starbucks Corporation, overseeing operations in the northeast. Luongo earned a BA in Finance from Iona College in New York and a Master's degree in Operations Management from the University of Arkansas.

Luongo is replacing Frank Sbordone. Sbordone joined Peter Piper in 1997 as its CFO, and was appointed President and COO in 2000. Prior to joining the company he was a Senior VP of the restaurant chain Ruby Tuesday.

Peter Piper was purchased in January 2007 by Washington, DC-based ACON Investments for an undisclosed amount. Founded in 1997, ACON and its principals have managed more than $1 billion of capital. ACON pursues a theme-based investment strategy by focusing on industries and businesses at key inflection points in their development and pursues these opportunities in close partnership with established management teams.

ACON has purchased a number of privately held companies:

• Spencer Gifts is a specialty retailer that has more than 625 stores across the U.S., Canada and Puerto Rico, aimed at 18- to 24-year-olds.
• Spirit Halloween is the nation's largest chain of Halloween-only stores, operating 540 superstores with a selection of costumes, indoor and outdoor decor and home-entertaining products.
• Milagro Exploration is an oil and gas exploration and production company focused on the onshore Gulf of Mexico region and has about 269 billion cubic feet equivalent of proved oil and gas reserves.
• Impremedia is a Spanish-language owner of 24 print and online properties reaching more than 12 million Hispanics monthly in18 markets, representing more than 68 percent of the U.S. Hispanic population.
• Magic Media is the fifth-largest outdoor advertising company in the U.S. with more than 12,000 billboard and poster displays in 24 states.
• SAE Towers, a producer of high-voltage steel lattice electricity towers, was created by Acon with the spinout of the Electricity Tower Manufacturing Division of ABB (Asea Brown Boveri).

Peter Piper Pizza has a strategy of providing food and fun at a good value for the family. As the economy slows, this might be a winning strategy. Time will tell.

John Laub is the Chairman of the Phoenix CEO-CFO Group.

1. "Peter Piper Picks New CEO: Ex-officer at FedEx Kinko's Will Pilot Phoenix Franchisor." The Arizona Republic. October 21, 2008.

2. "Peter Piper Selects New CEO. Joseph Luongo Jr. Picked to Lead Phoenix-Based Company." Company Press Release. Business Wire. October 20, 2008.

3. "Acon Investments Acquires the Leading Southwest Pizza and Entertainment Chain."
Company Press Release. January 9, 2007.

4. "Sbordone Named CEO of Peter Piper." Phoenix Business Journal. January 26, 2005.

5. "Acon Investments Raises More than $500M for Funds to Invest." Neil Adler. Washington Business Journal. March 21, 2008.