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Thursday, January 10, 2019

=Kona Grill (KONA) announces resignation of Co-CEO

  • Co announces that Steve Schussler resigned as Co-Chief Executive Officer and the Board of Directors to focus on his ongoing commitments to his existing restaurant concepts. Marcus Jundt will remain as the company's Chief Executive Officer.

Just 65 days after taking over as co-CEO of Kona Grill Inc., Steve Schussler has stepped down.

The Scottsdale-based sushi and happy hour restaurant chain announced Schussler’s resignation from the co-CEO job and from the company’s board of directors Thursday afternoon. He served on the board since 2012.

The company’s announcement said Schussler wants to spend more time focusing on his other restaurant company, Minnesota-based Schussler Creative Inc. Schussler is the founder of Rainforest Cafe Inc. and has developed a number of other larger-than-life themed restaurant concepts.

In November, Kona Grill’s board fired Jim Kuhn as CEO after only a few months on the job, and replaced him with Schussler and Marcus Jundt. Jundt will now serve as CEO going forward, according to a company statement.

Jundt, 77, was one of the founding partners of Kona Grill in 1998.

“Steve Schussler’s creativity and attention to customer service has been a valuable asset to Kona Grill through his service as both a director and officer. We are sad to see him leave, but understand the commitments that he has to his existing restaurants,” Jundt said in a statement.

This is just the latest blow to Kona Grill (Nasdaq: Kona Grill), which has struggled for more than a year. Most recently, the company was put on notice by the Nasdaq Stock Market for not having a high enough market value and could face being delisted from the exchange.

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