Name: Nicole Thaung
New title: Chief financial officer, The One Group Hospitality
Previous title: Chief financial officer, Benihana
Thaung spent over 15 years at Benihana working through leadership roles up to CFO, a position she has held since 2018, according to her LinkedIn profile. Prior to Benihana, she spent over seven years as manager at Ernst & Young. Thaung succeeds Tyler Loy, who is leaving The One Group Hospitality to pursue other opportunities, according to a Monday press release.
Thaung was instrumental in integrating Benihana into The One Group, which acquired the Japanese chain in 2024 for $365 million.
“Nicole’s expertise will be invaluable as we continue realizing the $20 million in expected synergies from this transformative acquisition, which now represents over 55% of our total revenues,” Emanuel Hilario, The One Group’s CEO, said in a statement. “We remain on track to capture the full value of these synergies by the end of 2026.”
Benihana struggled with same-store sales growth last year, with the metric down 1.8% for 2024, according to an earnings release. However, the first two quarters of this year saw a turnaround, with same-store sales up 0.7% and 0.4% in Q1 and Q2, respectively. Benihana’s restaurant operating profit grew to over $43 million during the first half of the year, more than double what it was in the year-ago period. The chain currently has the greatest operating profit of any of the holding company’s concepts.
But The One Group’s overall financial performance may pose something of a challenge for the incoming CFO. Combined same-store sales for the company were down 4.1% during the second quarter despite Benihana’s modest growth. That decline is an improvement from Q2 2024, when comparable sales were down 7%. The company’s grill concepts saw a 14.6% drop, the steepest decline among all of its categories.
The One Group’s key priorities include boosting same-store sales, and it has been working toward that goal by emphasizing “operational excellence, culinary innovation and relevant and timely marketing,” Hilario said during the company’s August earnings call.
The company continues to see demand grow on Fridays and Saturdays and has been using value-focused programming, like prix fixe menus, to entice customers during the week. It also is enhancing menus, like adding Wagyu beef at Benihana, which met expectations. The holding company plans to add new premium menu items across its portfolio, Hilario said.
