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Now the CEO of DineEquity Inc., Stewart looks back on that moment as the turning point that would define her career.
Julia Stewart acquired Applebee’s for $2.3 million. (Photo Credit: YouTube)
Julia Stewart had done everything she was asked. As president of restaurant chain Applebee’s, she worked tirelessly to turn the struggling chain around, building a team she described as “pretty remarkable.” Profits were up, stock had doubled, and the company was on solid footing. Yet when she approached the CEO’s office, expecting a promotion, she was met with a “No.” Stewart eventually quit and later returned to buy the company and remove the executive who had denied her.
Now the CEO of DineEquity Inc, Stewart looks back on that moment as the turning point that would define her career. During an April 2025 appearance on the Matthews Mentality Podcast, Stewart recalled her time at Applebee’s and the conversation that changed her path. “So I went out and pretty much started with a new team, the best that I could possibly find. And to this day, most of them are good friends. But what we did was pretty remarkable,” she said.
After three years, she presented the company’s strong performance to the former CEO and chair, suggesting it was time to step into the top role. The response was “No.”
“And he’s very reflective; he stops for a minute… And he says, ‘No.’ And I thought he meant, ‘No, not today.’ … And he said, ‘No, not ever.'”
Stewart reflected overnight and decided to leave, but was told she couldn’t without risking “tanking the stock.” She stayed briefly to ensure a smooth transition before joining IHOP, where she spent “a good five years” turning the company around.
“When I got there, it hadn’t had comparable growth,” she said, noting it was “really struggling” and lacked “brand image.”
Pursuing further growth, she led dining restaurant chain IHOP to acquire Applebee’s for $2.3 billion. “Now, obviously, ultimately, you don’t borrow $2.3 billion for revenge. You just don’t do that. But we did borrow $2.3 billion. We did buy Applebee’s,” Stewart said. She later informed the former Applebee’s CEO that leadership was no longer needed and he was let go.
Stewart described her former Applebee’s CEO as a “stone-cold killer” for the decisive business moves she made following the earlier setback.
A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.
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