GLENDALE, CALIF. — Dine Brands Global Inc. recently launched a search for a new chief executive officer. The franchisor of the Applebee’s Neighborhood Grill + Bar and IHOP brands engaged executive search firm Spencer Stuart to find a replacement for the current CEO, Steve Joyce, whose employment agreement expires Feb. 1, 2021.

“I am proud of the growth that we have experienced during my tenure as chief executive officer,” Mr. Joyce said. “Since 2017, we have established and executed on strategic plans, strengthened the franchisee base, completed a $1.3 billion securitization transaction and returned significant capital to stockholders. With the occurrence of the crisis due to the coronavirus pandemic, it is not only essential that we all focus on our current situation, but also our emergence with a strong leadership team for the future.”

Net income for the first quarter ended March 31 was $22.3 million, equal to $1.33 per share on the common stock, a decline when compared with the same period of the previous year when Dine Brands earned $30.5 million, or $1.76 per share.

Quarterly sales fell to $83.3 million from $96.3 million the year prior.

Dine Brands Global franchises restaurants under both the Applebee's Neighborhood Grill + Bar and IHOP brands. The company is one of the largest full-service dining restaurant chains in the world with more than 3,600 restaurants in 17 countries and approximately 370 franchisees.