Carrols Restaurant Group, Inc. announced that its Board of Directors has appointed Deborah M. Derby as the Company's new President, effective May 1, 2023. Ms. Derby will succeed Paulo A. Pena, the Company's former President and CEO who passed away unexpectedly on December 31, 2022, and Anthony Hull, the Company's Interim President and Chief Executive Officer, who will continue to serve as the Company's Vice President, Chief Financial Officer and Treasurer. Ms. Derby, who has served as an independent member of the Company's Board of Directors since June 2018, will continue to serve as a director of the Company.

Ms. Derby, age 59, has significant experience leading multi-unit, consumer-focused companies that includes an almost 15-year career at Toys 'R' Us, Inc. between 2000 and 2015 where she served in a variety of senior executive positions including President of Babies 'R' Us and Vice Chairman of Toys 'R' Us. She has also served as the President of Horizon Group USA, Inc., a wholesaler of craft components and activity kits, from 2016 until June 2020. Ms. Derby has served as a director of Henry Schein, Inc. since February 2021.

She also served as a director of the Vitamin Shoppe, Inc. from 2012 to December 2019.