Wall Street is still trying to figure out why Tom Conforti suddenly stepped down as DineEquity CFO. The betting is that it had something to do with the controversial purchase of the much larger Applebee’s, which Conforti and CEO Julia Stewart had engineered. One key facet of the deal was selling off company-owned Applebee's locations to franchisees, but the credit crunch has put a crimp into those plans (only 26 locations have been sold). As reported by the WSJ, Stewart said in an email to employees that "it would be erroneous to conclude that Tom's departure had anything to do with the pace of refranchising or the company's plans to revitalize the Applebee's brand." Unfortunately, she didn't get into the actual reasons that led to his resignation, other than the standard line about his pursuing other opportunities. (By the way, DineEquity is the new name of the restaurant company that had been called IHOP. It's based in Glendale).

What we do know is that Conforti won't be leaving empty handed. According to a DineEquity filing with the SEC, he'll get a year's salary ($378,000 in 2007), plus his average annual bonus, a 12-month car allowance and a year's worth of health care coverage. The company will also provide outplacement services and legal fees relating to his separation agreement. All of which suggests that none of this was his idea. Thing is, Conforti was well-regarded on Wall Street. "This unexpected departure is a negative and adds near-term risk to the story," wrote JPMorgan analyst Steven Rees in a research note. After taking a 26 percent plunge on Tuesday, DineEquity shares are down another 1 percent this morning.