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CEO of Outback's parent company gets $2 million pay hike amid push for changes

 
Headshot of Liz Smith, CEO of Bloomin' Brands. ( Courtesy of Liz Smith)
Headshot of Liz Smith, CEO of Bloomin' Brands. ( Courtesy of Liz Smith)
Published March 9, 2018

TAMPA — The local executive of the company that owns Outback Steakhouse received a nearly $2 million pay boost last year, despite the Tampa restaurant conglomerate's ongoing struggle to grow revenue.

Bloomin' Brands CEO Elizabeth Smith's base salary stayed at $1 million, but she got a $1.9 million cash bonus and an overall 35 percent increase in her pay package, according to a report filed with U.S. Securities and Exchange Commission this week.

Previous coverage: Bloomin' Brands beats Wall Street forecasts

The company is improving, but not in the clear yet.

It narrowly beat Wall Street expectations at the end of its fourth quarter, but its revenue growth came largely from Outback. Meanwhile its other chains, Carrabba's and Bonefish Grill, reported meager sales growth.

"Casual dining traffic levels declined due to ongoing challenges including an oversupply of restaurants, the relative affordability and quality of prepared meals from supermarkets, and an increase in home delivery services," the company wrote to its investors.

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Company leaders say it will continue focusing on to-go and delivery meals and restaurant remodels to win over customers in the changing landscape.

Some activist investors have called for the company to sell or separate Outback from its struggling counterparts into its own company.

Bloomin' Brands was able to appease at least one activist investor by adding a new member to its board of directors: Wendy Beck, a former executive with Norwegian Cruise Line Holdings.

Beck will have her first chance to meet with shareholders at their annual meeting at the end of April in Tampa.

Contact Sara DiNatale at sdinatale@tampabay.com. Follow @sara_dinatale.