Guzman y Gomez sent CEO Steven Marks to ‘cult-like’ life coach, ex-manager Greg Creed alleges in US court filings against the Mexican-themed restaurant chain

Already a subscriber?The board of Guzman y Gomez forced its chief executive, Steven Marks, into a secret plan “involving cult-like life coaches and non-legal advisors to try to transition him to a credible, reliable executive”, the former management team responsible for the group’s expansion into North America has claimed.

Guzman y Gomez has described the allegations – and a demand for $US100 million – as a cash grab and “retribution” by underperforming employees. This month, the lawsuit was settled with a $US1 million payment to the six complainants and the buyback of $15.9 million in shares. Last month, the company announced that Hilton Brett, a long-time Guzman y Gomez director, will serve as co-chief executive alongside Mr Marks. Mr MarksSteven Marks and Hilton Brett, who was appointed co-chief executive of Guzman y Gomez last month.Guzman y Gomez’s first store opened in Sydney in 2006. The company was founded by Mr Marks, an ex-staffer at Steven Cohen’s SAC Capital hedge fund, and Robert Hazan.

“As a reminder, TDM has the right to IPO GYG at any point after May 2021,” the memo reads. “Following the approach from Magellan in November 2020 and their subsequent investment in January 2021, it was agreed to defer the IPO, with a target date of either November 2022 or May 2023.”s Street Talk column reported that Guzman y Gomez had begun meeting investment banks as it considered a potential listing, but that the company’s valuation expectations were too high.

The company, in a statement, said Mr Marks’ story was real, although the names and faces “may not exactly resemble those people’s likeness”. “Guzman y Gomez was named to honour old friends, not to resemble them in an identical manner,” the company told theIn his filings, Mr Creed also claimed that Guzman y Gomez management had fostered a culture of age discrimination at the company.

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