IRVING, TX ‑ CEC Entertainment investors are keeping a wary eye on iconic Chuck E. Cheese children's restaurants as 2013 financial reports showed the company getting off to a rocky start. With stock prices fluctuating, many are blaming one man: former Army four-star general Tommy Franks, once known as the "Beloved Savior of Iraq," and since March 2008, an independent director of CEC Entertainment.
The retired general was pulled into the company for his strategic vision and legendary war record. Smashing initial successes had members of the board celebrating on Wall Street at their newfound financial returns. On May 1, Company president Michael Magusiak, accompanied by Gen. Franks, reported a 28 percent increase in CEC's stock price, in front of a banner proudly proclaiming "Mission Accomplished."
Unfortunately, the joy was short-lived.
Soon after the FY 08 results were published, Franks inexplicably decided to fire every original manager of the company he had been hired to reinvigorate, then proceeded to recruit new handpicked personnel based solely on their ability to get along with his team.
