Company launches search to replace its founder.

Ruby Tuesday, Inc. (NYSE: RT) announced that Sandy Beall, its founder, chairman of the board, chief executive officer, and president, will step down from management and the restaurant's board. Beall will continue to serve in his current roles until a successor has been named.

Ruby Tuesday has formed a committee to oversee the process of finding Beall's successor.

Beall opened the first Ruby Tuesday restaurant in 1972 in Knoxville, Tenn., near the campus of the University of Tennessee. The concept subsequently grew to 16 restaurants at which time it was acquired by Morrison Restaurants, Inc. During the following years, the chain grew to more than 300 restaurants.

In a 1996 spin-off transaction Morrison Restaurants changed its name to Ruby Tuesday, Inc., and today the company owns and operates 740 Ruby Tuesday restaurants and franchises 85 locations. The company also owns and operates the fast-casual dining concept Lime Fresh Mexican Grill and the casual dining concept Marlin & Ray's.