Dive Brief:
- Smoothie King appointed Gavin Felder as its chief financial officer effective May 28, the company said in a press release Wednesday.
- Felder previously served 16 years at Yum Brands, most recently in the role of chief strategy officer. In that position, he led corporate strategy, investor relations, M&A and store innovation efforts.
- Felder joins the chain as it continues aggressive growth and franchising across the country. During the first quarter, Smoothie King opened 14 stores and signed 27 development agreements across 13 states.
Dive Insight:
Felder’s long career at Yum will help inform his new position at Smoothie King.
His various leadership positions at Yum included commercial director for KFC United Kingdom, CFO for KFC Africa and CFO of the Global KFC divisions, according to the press release. As CFO for the Global KFC division, he was responsible for over $1 billion in operating profit and about 25,000 stores across 140 countries.
This experience likely prepared Felder for the aggressive development tear occurring at Smoothie King, which currently has about 1,300 units globally. During Q3 2023, the chain posted its highest sales period in its 50-year history, and Q4 2023 was the chain’s largest new development quarter in over seven years, per the press release.
During Q3, Smoothie King grew same-stores sales 13%, and the brand concluded Q4 2023 with 39 franchise agreements and 20 area developments. Last year led to a total of 189 new store commitments that were added to its pipeline. New commitments include units in new markets of Utah, Minnesota, Massachusetts and New Hampshire.
Smoothie King most recently brought on a COO last June with the hire of Camille Hymes, who previously served as corporate VP for strategic partnerships, partner experience and community impact at Starbucks.
