Denied Applebee’s CEO role, Julia Stewart bought the chain and fired her boss

Dubai: A woman once denied the chance to lead Applebee’s is now remembered for one of the boldest corporate turnarounds in the restaurant world. Julia Stewart, a veteran executive who says she was rejected for the CEO role despite reviving the company’s fortunes, later returned in spectacular fashion — by acquiring Applebee’s outright and firing the very boss who turned her down.

The 70-year-old entrepreneur recently recounted the journey on the Matthews Mentality Podcast, reflecting on the extraordinary twist of fate that reshaped her career and the US casual dining industry.

Stewart joined Applebee’s in 1998 after senior leadership roles at Taco Bell. As president, she was promised the CEO role if she could restore profitability.

Rising to the challenge, she assembled a new team, drove a turnaround, and saw corporate and franchise sales soar. Within three years, stock value doubled, and Applebee’s was thriving again.

But when she finally approached the then-CEO for the promised promotion, the response stunned her. “I said, ‘So I’m thinking it’s about time to be CEO,’” she recalled, as reported by People. “And he says, ‘No. Not ever.’” Asked why, she said he told her he “didn’t have to have an answer.”

According to Fortune, this career-defining snub prompted Stewart’s resignation. “You’re holding me accountable for everything, but you’re not giving me the title,” she remembered telling him before walking away.

In 2001, Stewart joined International House of Pancakes (IHOP) at a time when the brand was faltering. As she told IB Times, IHOP lacked growth and struggled with its identity. Stewart applied her vision and management style, successfully revitalizing the chain over five years.

With IHOP back on track, she convinced the board to expand through acquisition. During her research, one target stood out: Applebee’s.

“Now, obviously, you don’t borrow $2.3 billion for revenge. You just don’t do that,” Stewart said on the podcast. “But we did borrow $2.3 billion. We did buy Applebee’s.”

When the acquisition closed in the mid-2000s, Stewart made one unforgettable call. She phoned her former boss, then still CEO and chair of Applebee’s, and told him: “We don’t need two of us. I’m going to have to let you go.”

That decision cemented her reputation as a “stone-cold killer” in business circles.

Stewart went on to serve as chair and CEO of the parent company, Dine Brands Global — which owns both IHOP and Applebee’s — for a decade. Her leadership reshaped the casual dining landscape, proving that rejection can fuel reinvention.

Today, at 70, she remains active in business as a board member at Bojangles and founder of a wellness app. Her story endures as a rare example of professional resilience and poetic justice at the highest levels of corporate America.