Founder of Not Your Average Joe’s steps down from CEO spot
Stephen Silverstein may finally get an opportunity to be more of an average Joe.
The founder of the Not Your Average Joe’s restaurant chain has stepped down from the chief executive’s job after running the business for 24 years. He is succeeded as CEO by Peter D’Amelio, who joined as president last September after previously holding top jobs at Matchbox, a D.C.-area restaurant group, and the Cheesecake Factory.
“There was always an intent for Stephen to figure out who he could bring along to help him run Joe’s, stabilize it, and prepare it for another round of growth,” D’Amelio said.
The 56-year-old D’Amelio leads a chain with 22 restaurants in six states, with more than 1,600 employees and projected revenue of nearly $80 million this year. Those numbers exclude the chain’s first location, in the town of Dartmouth, which Silverstein, 58, bought from the company as part of his transition. He will run it under a licensing agreement with the company.
Not Your Average Joe’s has been shifting to a new, bigger restaurant format over the past few years, to about 7,000 square feet, with roughly 200 indoor seats, 30 to 50 patio seats, and a larger bar area.
D’Amelio is working on a three-year plan for expansion, focusing on the East Coast market between Maine and Virginia. Silverstein, meanwhile, will contribute as a consultant. And the two restaurateurs will continue their weekly lunch meetings.
“Stephen is much more creative than I am,” D’Amelio said. “As things started to shake out, we both recognized our strengths.”