Red Robin CEO Murphy to retire at the end of the year

Red Robin Gourmet Burgers Inc. RRGB, +5.26% said late Wednesday that Chief Executive Officer Paul Murphy will retire at the end of the year, when his employment agreement expires. Murphy will assist the fast-casual restaurant chain’s board in the search for a new CEO and will remain as a special adviser until the end of March to “ensure a smooth transition,” the company said. Murphy joined Red Robin in October 2019, saying at the time he planned to serve for three years as a transition leader “to quickly improve operating execution and overall performance.” Shares of Red Robin rose 1.2% in the extended session Wednesday after ending the regular trading day up more than 5%.