Burger King parent taps ex-Domino's CEO as executive chairman
16/11/2022 10:00
By Hilary Russ
NEW YORK, Nov 16 (Reuters) - Burger King parent company
Restaurant Brands International Inc QSR.TO on Wednesday said
it appointed former Domino's Pizza CEO Patrick Doyle as
executive chairman, to lead the company as it tries to boost
flat share prices and expand digital sales.
Doyle starts at RBI immediately. He is credited with
improving digital ordering and food quality at Domino's DPZ.N
and growing comparable sales for 29 straight quarters. Its share
price surged from $12 in 2010, when he took over as CEO, to $271
when he left in 2018.
RBI's share price closed at $59.74 on Tuesday, roughly flat
from where it was five years ago.
Doyle said in an interview that current RBI co-chairs
Alexandre Behring and Daniel Schwartz, who has known Doyle for
over a decade, got the idea to tap him as CEO when he had dinner
with them late this summer.
Behring and Schwartz are co-managing partners of 3G Capital
Partners Ltd, which owns 29% of RBI's shares. They will remain
on RBI's board after stepping down as co-chairs.
Doyle said he will visit restaurants to meet franchisees and
customers as he gets to know the company. He plans to focus on
franchisee profitability, making digital ordering easier for
customers and keeping them coming back more often.
He said the company, which also owns Popeyes, Tim Hortons
and Firehouse Subs, is positioned to survive an economic
downturn because the fast-food brands have "great value for
customers."
Doyle agreed to buy 500,000 shares worth about $30 million
and to hold them for five years, subject to regulatory
approvals.
He will not earn a base salary or bonus, but will get 2
million stock options valued at a fair market price, which will
vest in five years, along with 500,000 restricted share units.
He will also get 750,000 performance share units that pay out if
he hits certain performance criteria.
If RBI's share price rises from where it is now to $96 in
five years, he would get a 100% payout, which would be worth
about $190 million, though he could earn more if shares rise
further.
(Reporting by Hilary Russ; Editing by David Gregorio)
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