Dive Brief:
- Patrick Doyle, a former Domino’s CEO, will join Restaurant Brands International as executive chairman, the company announced Wednesday.
- As Domino’s CEO from 2010 to 2018 and as a Domino’s executive before that, Doyle oversaw systemwide sales growth from $5.6 billion to about $13 billion.
- Doyle joins RBI as the company pursues growth for its brands and transformation for Burger King.
Dive Insight:
The current co-chairmen, Alex Behring and Daniel Schwartz, co-managing partners of 3G Capital will continue to serve on the board, according to the press release. 3G has been the largest shareholder of RBI since it acquired Burger King Holdings in 2010.
As part of the appointment, Doyle agreed to purchase 500,000 shares of RBI stock at a purchase price of $60.77 a share through Lodgepole 231, which is wholly owned by Doyle. He will also receive a one-time equity package of 2 million options for fair market value vesting in five years as well as a considerable amount of other shares vesting over the next few years. The purchase agreement brings Doyle’s personal investment in RBI to about $30.4 million, SEC documents show. RBI’s confidence in Doyle’s ability as a QSR executive is demonstrated by a considerable grant of shares.
RBI cited Doyle’s performance as Domino’s CEO as indicative of his abilities as an executive. The company said Doyle’s tenure at Domino’s focused on the transformation of guest experience, investment in digital ordering and food quality. Doyle, according to SEC filings, is expected to begin acting as executive chairman in January.
RBI’s recent moves have focused on boosting Burger King’s international growth while narrowing the gap between Burger King’s U.S. sales and those at competing burger chains, CEO Jose Cil said on the company’s Q3 2022 earnings call. In September, RBI said it would invest $400 million in Burger King’s through marketing, support for equipment and building upgrades at 3,000 stores, and a full remodel of 800 high performing units.
On the company’s earnings call Cil added that Popeyes and Tim Horton’s have been strong performers for the company, and RBI is planning to expand both brands to more markets. The company has also focused on driving digital sales, Cil said, which reached $3.4 billion, or about a third of quarterly systemwide sales in Q3.
