RCI Hospitality Appoints Travis Reese as Interim CEO
RCI Hospitality (RICK) has entered into a one-year employment agreement with Travis Reese to serve as interim president and CEO, effective September 1, 2026. Under the terms of the deal, Reese will receive an annual base salary of $650,000 along with eligibility for bonuses and other executive benefits. The appointment formalizes his role during a one-year term amid ongoing strategic initiatives by RCI Hospitality to stabilize its financial position. The company also outlined plans to pay down $8 million in debt this quarter and aims to resume stock buybacks around October 1, signaling efforts toward capital return despite recent concerning trends highlighted beneath improved Q3 financials. The move reflects a leadership transition as the firm continues navigating challenges while maintaining non-GAAP earnings per share of $0.90 on revenue of $73.9 million in its latest quarter.
Topics: CEO appointment employment agreement executive compensation