Julie Stewart, the former head of IHOP, was described as a “stone-cold killer” for a bold move she made after she was burned by the CEO of Applebee’s. Stewart explained that she was previously President of Applebee’s, but had been promised that she would be made CEO if she was able to make the company turn a profit. She took on the challenge, put in the hard work, and managed to reshape the company and turn it successful. That led to a meeting with the former CEO, where she got some life-changing news. She was told she would never be CEO. After going home and taking some time to reflect on the conversation, Stewart went in the next day and tendered her resignation. The CEO’s response: “You can’t leave. If you leave the stock will tank.” Ultimately, the pair reached an agreement where Stewart would stay for a couple of months to figure out a way to transition the team without causing financial ruin. Afterwards, she took a job at IHOP and spent the next five years turning the company around. After they were successful, she realized they should buy another brand to continue growing. So, they bought Applebee’s for $2.3 billion. After it was official, Stewart called the CEO of Applebee’s and said, “They don’t need two of us in leadership, so I’m going to have to let you go.” What is it they say about having the last laugh?
