Outback Steakhouse owner Bloomin' Brands adds new board member in deal with investors

TAMPA -- Bloomin' Brands, owner of Outback Steakhouse and Carrabba's, has added a member to its independent board of directors as part of an agreement with an adversarial investor.

Wendy A. Beck, who recently stepped down as chief financial officer with Norwegian Cruise Line Holdings, joins eight other members of the board as part of an agreement between Tampa-based Bloomin' Brands and Jana Partners, a New York hedge fund.

Jana, which has about a $140 million stake in the company, had suggested pushing Bloomin' into "exploring a sale" late last year, according to filing made by the fund's principal owner, Barry Rosenstein.

"We are encouraged by the steps the company is taking, including appointing Wendy, and by the board's ongoing commitment to create shareholder value," Rosenstein said in a prepared statement late Wednesday.

As part of the agreement, Beck will be on the board for a term ending at the company's 2019 annual meeting. Jana has also agreed to a standstill.

But Bloomin' is still dealing with another activist investor who wants to see Outback break off as its own company.

Bloomin' Brands beat Wall Street's expectations at the end of its fourth quarter in results reported last week. But its increase in sales and 8 percent stock price jump was largely due to Outback, while other chains, such as Bonefish Grill, underperformed.

Beck joins the board with a 25-year career as a senior finance executive, having held a mix of leadership roles in both privately and publicly held companies.

Before joining Norwegian in 2010, she was the executive vice president and chief financial officer at Domino's Pizza.