Bloomin' Brands (BLMN) — the parent company of restaurant chains like Outback Steakhouse and Bonefish Grill — has named Delta Air Lines (DAL) COO Michael Spanos as its new chief executive effective this September. Current CEO David Deno will stay on and serve in a transitional role until the end of this year.

Catalysts anchors Seana Smith and Madison Mills report on the story and check on Bloomin' Brands' falling stock price in response to this news.

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This post was written by Luke Carberry Mogan.