RBI Board of Directors believes Patrick Doyle's appointment will unlock
exceptional growth potential alongside current leadership
Mr. Doyle is one of the world's most
successful global QSR leaders; having doubled system-wide sales,
delivered 29 consecutive quarters of same store sales growth,
created ~$11B of shareholder value
and increased home market franchisee profitability more than 2x
while CEO of Domino's Pizza from 2010-2018
TORONTO, Nov. 16,
2022 /PRNewswire/ - Restaurant Brands International
Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) has appointed
Patrick Doyle, one of the world's
most successful QSR leaders, to become the company's Executive
Chairman, effective immediately. The Board of Directors believe
that Mr. Doyle will be an important contributor to unlocking growth
in the company based on his proven track record doing the same at
Domino's Pizza.
The appointment follows significant progress and investments at
Tim Hortons Canada and Burger King US; strong system-wide sales
growth at Burger King internationally and Popeyes; the acquisition
of Firehouse Subs and returning to historical global unit
growth.
As the former CEO of Domino's Pizza from 2010 to 2018, Mr. Doyle
led one of the restaurant industry's most successful
transformations by focusing on putting the guest experience first
and being the best at digital ordering and food quality. During his
tenure, he delivered 29 consecutive quarters of same store sale
increases, system-wide sales growth of $5.6B to $13B, an
over 2x increase in home market franchisee profitability while
creating approximately $11B of
shareholder value and increasing the share price over 23x from
nearly $12 in March 2010 to $271
in June 2018.
Daniel Schwartz and Alex Behring will continue to serve on the Board
of Directors, demonstrating 3G Capital's commitment to being a
long-term shareholder in RBI. Mr. Behring is a co-founder of 3G
Capital and is currently co-Managing Partner. Mr. Schwartz is the
former CEO and Executive Chairman of RBI and co-Managing Partner of
3G Capital.
Since its 2010 acquisition of Burger King Holdings, 3G Capital
has been the company's largest shareholder supporting the company's
global growth transformation including the creation of RBI and
acquisitions of Tim Hortons, Popeyes
Louisiana Kitchen, and Firehouse Subs, generating approximately 21x
in total shareholder returns(1).
"Patrick's appointment as Executive Chairman is a huge addition
to the already strong leadership team that we have built over the
past few years. This is part of our long-term strategy to
accelerate growth in our restaurant brands and profitability for
our franchisees and drive shareholder returns that we believe the
company is very capable of delivering," said Mr. Schwartz and Mr.
Behring, current co-Chairmen of the Board of Directors.
"I'm excited to work closely with Patrick and our leadership
team to build the most loved restaurant brands in the world.
This includes our intention to rapidly accelerate growth in the
company and deliver on plans that result in exceptional service for
our guests; and excellent returns for our franchisees and for all
shareholders," said Jose Cil, CEO of
RBI.
"I love the restaurant industry. These are four exceptional
brands with real opportunities for accelerated growth. Working
closely with each of the brands' franchisees, with Jose, the whole
RBI team, and the Board of Directors, I am confident we can create
one of the most compelling growth stories in the industry," said
Mr. Doyle, incoming Executive Chairman.
Mr. Doyle will make a personal investment to purchase 500,000
RBI shares for a value of approximately $30M and has agreed to maintain his investment
for five years, subject to certain conditions, demonstrating his
confidence in the shareholder value he is being retained to help
create. The purchase is subject to regulatory approvals.
In addition, Mr. Doyle will receive a one-time equity package of
2,000,000 options granted at fair market value, vesting in 5 years;
500,000 restricted share units vesting ratably over five years; and
750,000 performance share units vesting in 5.5 years, with a 100%
target performance tied to a roughly 10% compound annualized return
in RBI's share price over five years.
RBI's Board of Directors believes Mr. Doyle's compensation
package reflects his unmatched performance as one of the world's
most successful QSR leaders and is fully aligned with shareholder
interests as benefits are substantially realized upon significant
improvement in company performance.
The Board also noted that the company's path to profitable,
long-term growth needs to be rooted in the continued success of our
restaurants, including enhancing the guest experience, growing
franchisee profitability and driving digital sales. Mr. Cil, his
direct reports and their leadership teams across all four brands
share compensation performance criteria related to comparable
sales, net restaurant growth and Organic EBITDA growth as well as
individual achievement criteria which may include franchisee
profitability, guest satisfaction levels and digital sales
targets.
About Restaurant Brands International:
Restaurant
Brands International Inc. is one of the world's largest quick
service restaurant companies with over $35
billion in annual system-wide sales and over 29,000
restaurants in more than 100 countries. RBI owns four of the
world's most prominent and iconic quick service restaurant brands –
TIM HORTONS®, BURGER
KING®, POPEYES®, and FIREHOUSE
SUBS®. These independently operated brands have been
serving their respective guests, franchisees and communities for
decades. Through its Restaurant Brands for Good framework,
RBI is improving sustainable outcomes related to its food, the
planet, and people and communities. To learn more about RBI, please
visit the company's website at www.rbi.com.
Forward-Looking Statements
This press release
includes forward-looking statements, which are often identified by
the words "may," "might," "believes," "thinks," "anticipates,"
"plans," "expects," "intends" or similar expressions and reflect
management's expectations regarding future events and operating
performance and speak only as of the date hereof. These
forward-looking statements include statements about RBI's
expectations and belief regarding its ability to accelerate global
growth in our brands, increase profitability for franchisees,
accelerate growth in shareholder returns, deliver exceptional
service for guests and the impact of the current actions on such
expectations as well as its expectation to successfully close the
private placement. Other than as required under U.S. federal
securities laws or Canadian securities laws, RBI undertakes no
obligation to update these forward-looking statements to reflect
events or circumstances after the date hereof.
The factors that could cause actual results to differ
materially from RBI's expectations are detailed in filings of RBI
with the U.S. Securities and Exchange Commission and on SEDAR in
Canada, such as its annual and
quarterly reports and current reports on Form 8-K, and include the
following: risks related to RBI's ability to successfully
implement its domestic and international growth strategy; risks
related to RBI's ability to compete domestically and
internationally in an intensely competitive industry; risks related
to RBI's relationship with, and the success of, its franchisees and
risks related to RBI's fully franchised business model; and
macroeconomic factors that may affect the demand for RBI's products
or the profitability of its operations and those of its
franchisees.
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1
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Total shareholder
returns calculated assuming $1.6 billion 2010 equity value of
Burger King Holdings Inc. adjusted for the 2011 dividend
recapitalization and includes cumulative dividends paid through
September 30, 2022.
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SOURCE Restaurant Brands International Inc.