Julia Stewart Reveals Bold Business Move on Podcast

LOS ANGELES, California — Julia Stewart, CEO of DineEquity Inc., discussed her bold business decisions during an April 2025 appearance on the Matthews Mentality Podcast. She opened up about her past experiences with Applebee's after claiming she was betrayed by its CEO years ago.

Stewart, who was previously the president of Applebee’s, recalled her journey after IHOP acquired the chain for $2.3 billion in the 2000s. She shared that she was promised the CEO position if she successfully turned Applebee’s around. After three years of hard work, she presented positive results to the then-CEO, but he denied her the promotion.

“I went in with my little graph, right? The stock has doubled. Life is good,” she said. “But he told me, ‘No, not ever.’” Stewart explained that she had taken a step back to reflect on the conversation before ultimately deciding to leave the company.

“I said, ‘You’re holding me accountable for everything, but you’re not giving me the title,’” Stewart recounted. Although the CEO wanted her to stay to avoid stock decline, she left after a brief transition period.

After joining IHOP as chair and CEO in 2001, Stewart focused on improving the brand’s image and profitability. “When I got there, it hadn’t had comparable growth. It was really struggling,” she stated. After revitalizing IHOP, she recognized the need for expansion through acquisitions.

During her search, Stewart identified Applebee’s as a potential target. “You don’t borrow $2.3 billion for revenge,” she said, acknowledging the massive investment. “But we did buy Applebee’s.” After purchasing the chain, Stewart informed the former CEO that there wouldn’t be room for both of them in leadership roles.

The acquisition marked a pivotal moment in her career and established her lasting influence in the restaurant industry.