They refused to make her CEO, so she bought the company and fired the boss who said no

Julia Stewart, a seasoned restaurant executive, is making headlines for a story that reads like a Hollywood plot twist: years after being denied the top job at Applebee’s, she bought the entire company and dismissed the very boss who turned her down.

Speaking on the Matthews Mentality Podcast, the 70-year-old serial entrepreneur reflected on a career-defining moment that changed both her life and the future of two of America’s biggest dining chains.

Stewart had once served as president of Applebee’s, tasked with reviving the struggling casual-dining brand. Her boss promised her the chief executive role if she could restore the chain’s profitability. She built a new team, overhauled operations and doubled the company’s stock price in just three years.

“What we did was pretty remarkable,” she said, according to People. Confident the moment had come, she approached her boss about the promotion. “I said, ‘So I’m thinking it’s about time to be CEO,’” she recalled. “And he says, ‘No.’”

When she pressed for a reason, the answer stunned her further. “‘No, not ever,’” he said, before adding he “didn’t have to have an answer.”

Disappointed, Stewart walked away. She later joined IHOP, where she spent five years turning that brand around. After stabilising the pancake chain, she pitched the board on buying another restaurant group to expand its footprint.

While researching targets, Applebee’s re-entered the picture. “Applebee’s could be really interesting,” she realised. The idea snowballed into IHOP acquiring Applebee’s in a $2.3 billion deal.

Once the takeover closed, Stewart made a call she would never forget. She phoned her former boss, then the CEO and chair of Applebee’s, to deliver the news — and his termination. Since the merged company didn’t need two leaders, she told him, “I’m going to have to let you go.”

Stewart went on to serve for a decade as chair and CEO of the parent company, Dine Brands Global, overseeing both IHOP and Applebee’s.

Now in her 70s, she remains active in business, serving on the board of Bojangles and launching a wellness app, proving that her boldest career move is still fuelling her passion for growth.