GLENDALE, Calif./PRNewswire/ — IHOP Corp. (NYSE: IHP – news), owner, operator and franchisor of International House of Pancakes, today announced the appointment of Julia A. Stewart as president and chief operating officer and a member of IHOP Corp.’s board of directors, effective December 3, 2001. Stewart, 46, brings to the position 30 years of experience within the restaurant industry.

Richard K. Herzer, IHOP’s chairman and chief executive officer, said, “We are pleased to have Julia join our management team. She is a proven leader with experiences that span across every segment of the restaurant industry, most importantly the table-service sector. With her extensive market knowledge and expertise in franchising, operations and marketing, we are confident that Julia will be a significant asset to the company and will be instrumental as we begin to develop and implement IHOP’s growth strategy going forward.”

Most recently, Stewart was president, domestic division, for Applebee’s International where she was responsible for the domestic operations and profitability of the largest casual dining chain in the U.S. with more than 1,200 restaurants in 49 states and sales of $2.7 billion annually. Prior to her position at Applebee’s, Stewart was national vice president, franchise and license, at Taco Bell Corp. During her seven-year tenure at Taco Bell, she held a number of other senior management positions, focusing on operations and general management. During her first 15 years in the restaurant industry, Stewart acquired expertise in brand development and marketing working with several restaurant companies.

Julia Stewart, said, “IHOP is an American icon. Our brand is truly unmatched within the restaurant industry and has tremendous value that will drive the company’s future growth opportunities. As we look to take IHOP to the next level, I look forward to establishing a strong relationship with our franchisees as well as working closely with our seasoned management team to develop a strategy for the next stage of IHOP’s growth. I believe the key to our future success lies in listening to what our guests tell us and exceeding their expectations.”

Upon her appointment, Stewart plans to conduct a comprehensive review and evaluation of IHOP’s business in order to best establish the right growth plan for the company. This process will involve a two-tiered approach. Stewart will spend the first 90 days evaluating and assessing IHOP. In the second 90 days, she plans to work closely with the management team to formulate and develop the company’s growth strategy.

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The company also announced today that it has adopted a succession plan, which will see Ms. Stewart appointed to the position of chief executive officer by mid-2002. Mr. Herzer will retain his leadership role as IHOP’s Chairman of the Board.

About IHOP Corp.

IHOP Corp. develops, operates and franchises International House of Pancakes restaurants, one of America’s best-known, national, family restaurant chains. At the end of November 2001, there were 1,001 IHOP restaurants in the chain, 806 operated by franchisees, 122 operated by area licensees and 73 directly operated by IHOP. IHOP restaurants are located in 41 states and Canada.