Refused CEO Post, Applebee's Ex-President Buys Restaurant Chain, Fires Former Boss
Julia Stewart said that being turned down by Applebee’s leadership pushed her to make a bold business move that changed the course of her career.
A business leader who claims she was overlooked for the top job at Applebee’s has said that years later, she ended up buying the chain, and even dismissing the person who rejected her.
Julia Stewart, now chief executive officer of DineEquity Inc., spoke about the turn of events during an April 2025 appearance on the Matthews Mentality Podcast. As reported by People, Stewart said that she was once president of Applebee’s and was told by the company’s chair and CEO that she could earn the promotion to the top post if she turned the business around.
According to Stewart, she threw herself into the challenge. “So, I went out and pretty much started with a new team, the best that I could possibly find,” she said on the podcast.
Within three years, she claimed to have revived the company’s fortunes. “Stock has doubled. Life is good. Everything is going very well. I couldn't be more proud of the team. And I said, ‘So I'm thinking it's about time to be the CEO’,” she recalled.
Instead, Stewart was met with an unexpected rejection, as per the People report. “And he says, ‘No,’…No, not ever,’” she said. When she asked for an explanation, she said she was told he “[didn't] have to have an answer.”
Instead of reacting in anger, Stewart walked away from the conversation. “I said, ‘I'm going to excuse myself. I'm going to go home early, and I'm going to reflect on this conversation,’” Stewart said during the podcast. She ultimately resigned.
As the People report mentioned, Stewart went on to lead IHOP, where she spent five years rebuilding the brand. “When I got there, it hadn't had comparable growth,” she said. The chain, she added, was “really struggling” and lacked a “brand image.”
Her success at IHOP gave her the confidence to pursue acquisitions. “I went to the board of directors and said, ‘We probably need to look for an acquisition…But I promise you, I will be thorough and thoughtful, myself and the team, about looking for something that's going to be a wow',” she said.
That “wow” turned out to be none other than Applebee’s. Stewart said that she headed a $2.3-billion deal for IHOP to acquire the company. “Now, obviously, ultimately, you don't borrow $2.3 billion for revenge. You just don't do that,” she added. “But we did borrow $2.3 billion. We did buy Applebee’s.”
After the takeover, Stewart said, she personally informed her former boss that, with the acquisition complete, there was no longer room for both of them in the company's leadership. She recalled she told him that she was “going to have to let you go.”
