IRVING, Texas (AP) — CEC Entertainment Inc. says that Michael H. Magusiak plans to retire in June as president and CEO of the parent of the Chuck E. Cheese restaurant chain.
CEC said Friday that its board has started a search for a new CEO and will consider candidates from inside and outside the company.
CEC agreed to be taken private by Apollo Global Management for about $950 million in January. The deal closed last month.
Magusiak's retirement is effective on June 2.
Founded in 1977, Chuck E. Cheese restaurants are known for their mix of games, play areas and robotic characters that provide musical entertainment. The chain has been struggling to lift sales, even after a makeover for its rodent mascot in 2012 that was intended to refresh its image.
CEC and its franchisees run 577 Chuck E. Cheese locations in 47 states and 10 foreign countries or territories.