Andy Wiederhorn will step down as the CEO of FAT Brands, the multiconcept operator he founded. This will take effect on May 5, 2023.

At that time Wiederhorn will become an outside consultant and strategic advisor to FAT Brands. He will remain a FAT Brands Board member and his family office, Fog Cutter Holdings LLC, will continue as the controlling shareholder of FAT Brands, per a company release. FAT Brands plans to appoint an interim CEO prior to the transition date.

In transitioning from his role as CEO, “Wiederhorn seeks to eliminate the distraction of the previously announced government investigation tied to him and allow senior management to focus on continuing to drive shareholder value,” per a release. This is in response to a government investigation of potential securities fraud, per multiple published reports, including this one in the New York Post.