The Minnetonka, Minn.-based barbecue restaurant chain announced in a regulatory filing that it had agreed to add PW's managing director, Patrick Walsh, to a slate of directors to be nominated at the company's next annual meeting of shareholders. Although the meeting date has yet to be scheduled, the company said it would be held before May 7.

If elected, Walsh would take the seat vacated by Famous Dave's former CEO, Christopher O'Donnell. O'Donnell, a 15-year company veteran who was removed as chief executive in October, was repurposed as the company's chief operating officer and president.

PW Partners first revealed it had ingested a little more than a 9.4% stake of the company with a 13D filing on Dec. 27; that stake was later raised to 9.9%.

Famous Dave's is trying to boost earnings and increase same-store sales, which have dropped in recent years due to economic pressure on the casual dining industry.

Following a poor 2012 third quarter that saw the company's net income fall 45% to $845,000 from the same quarter of 2011, the company said it would introduce new strategies to help boost sales. The company hired restaurant analytics consultant Revenue Management Solutions LLC for pricing and menu optimization at its 187 company and franchise-operated locations.

"In light of the continued softness in same-store sales, I have decided now is the time to make this move," Famous Dave's CEO John Gilbert said in a Dec. 12 statement. Gilbert had previously served as CEO of Vermont Teddy Bear Co.

The transformation has already taken hold, at least in the short term. In the fourth quarter of 2012, Famous Dave's net income jumped 81% to $750,000 from $414,000 in the same quarter of 2011. Full-year 2012 net income dropped 3.2% to $36.3 million, reflecting same-store sales declines of 6% at company-owned restaurants and 4% at franchised restaurants, according to the company's year-end financial results released Feb. 13. The company has a market capitalization of about $75.4 million.

As Famous Dave's continues its turnaround, the company said it will also look to add two company-owned locations and 15 franchised restaurants in 2013, while it also expands its "barbecue shack" takeout operations.

Founded in 1994 by barbecue fanatic and Chicago native Dave Anderson, Famous Dave's develops, owns, operates and franchises about 200 barbecue restaurants in the U.S. and Canada.