The ONE Group Hospitality has promoted Nicole Thaung, long-serving CFO of Benihana, to the role of Chief Financial Officer of the parent company, as reported in a Monday Press Release. Her promotion comes at a pivotal moment as the company strengthens the integration of Benihana, now a cornerstone of its portfolio.
Thaung, who has served as Benihana’s CFO since 2018 following roles as Vice President of Finance and Controller, brings over 15 years of institutional knowledge. Before joining Benihana in 2009, she spent nearly eight years at Ernst & Young as an Audit Manager.
The ONE Group acquired Benihana in 2024 for USD 365 million, a move accounting for over 55% of its total revenues today. That acquisition is expected to generate USD 20 million in synergies, which Thaung is now tasked with fully realizing by the end of 2026.
Emanuel “Manny” Hilario, CEO of The ONE Group, highlighted the smooth financial integration under Thaung’s leadership, stating:
“Nicole’s extensive financial knowledge and deep understanding of our business make her the ideal leader for our finance organization… as we continue realizing the USD 20 million in expected synergies … We remain on track to capture the full value of these synergies by the end of 2026.”
Benihana’s turnaround is already visible: after a same-store sales decline of 1.8% in 2024, it posted modest growth of 0.7% and 0.4% in Q1 and Q2 of 2025, respectively. Operating profit exceeded USD 43 million in the first half of the year, more than double year-over-year
However, The ONE Group’s broader performance remains under pressure, with overall same-store sales down 4.1% in Q2, though improving from last year’s 7% decline. Grill concepts were the hardest hit, down 14.6%, prompting a renewed emphasis on operational excellence, menu innovation, and value-driven marketing.
Nicole Thaung’s promotion is more than a change in title, it’s a strategic investment in financial leadership at a time when operational clarity and disciplined execution can define the chain’s next chapter. For stakeholders—from franchise partners to investors—this hire signals The ONE Group’s sharpened focus on unlocking acquisition value, boosting profitability, and strengthening financial stewardship across its upscale and polished casual venues.
