In 1998, Stewart was president of Applebee’s after seven years at Taco Bell as national senior VP of franchise operations. Applebee’s was struggling and needed an operations leader to reverse performance. A chair and CEO promised that turning the company around would lead to Stewart becoming CEO. Over the next three years, Applebee’s regained leadership in casual dining. In 1999, system sales rose 14% to $2.35 billion, and basic and diluted earnings per share increased 20%. Stewart said she doubled the stock during her tenure, but the CEO told her “No, not ever” when she sought the title. She then left and became chair and CEO of IHOP.
"“The then chair and CEO said, 'When you and the team turned this company around, we'll make you CEO.' I said, 'That's perfect, that's just perfect for me,'” Stewart revealed on The Matthews Mentality Podcast in 2025."
"“Everything is going very well. And I said, 'So, I'm thinking, it's about time to be CEO.' And he's very reflective. He stops for a minute, and he said, 'No, not ever,'” Stewart recalled."
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