Just weeks after resigning the chairmanship of Diedrich Coffee Inc., Irvine, John Martin has quit as chairman of Easyriders Inc.
Three years after touting an ambitious plan to transform the raunchy biker publishing company into a $2 billion hodgepodge of barbecue restaurants, motorcycle stores and events, Easyriders founding Chairman Martin and directors William Prather, Daniel Gallery and Wayne Knyal resigned March 1 from the Agoura Hills-based company.
Joseph Teresi, who owns roughly 32% of Easyriders and is chief executive of its principal unit, Paisano Publications Inc., was named chairman.
Martin, formerly the CEO of Taco Bell Corp., Irvine, who has a passion for riding Harley Davidsons, once owned 28% of Easyriders. He has invested more than $17 million into the company over the years, including his most recent $251,852 share purchase a year ago. His 10% stake was valued at $2.2 million as of Feb. 1.
Easyriders, which was trading at 19 cents last week, has reported losses since its inception. Over the past three years, it has changed its business plan,including its sale in October of its restaurant division, El Paso Bar-B-Que to Martin’s privately held company Culinary Holdings Inc. in Newport Beach, a small chain of upscale restaurants that includes French 75 in Laguna Beach and Chimayo Grill in Fashion Island.
“With the sale of El Paso Bar-B-Que last year, it became clear that the rationale for my continued role as chairman had diminished considerably,” said Martin in a press release. He added that Easyriders reverted back to a publishing and media business.
Martin was on vacation last week and unavailable for comment.
