Restaurant Brands International (RBI) has named Patrick Doyle its executive chairman, effective immediately, the parent company to Burger King, Tim Horton’s, Popeyes Louisiana Kitchen, and Firehouse Subs announced on Wednesday.
“I love the restaurant industry,” Doyle said in a statement. “These are four exceptional brands with real opportunities for accelerated growth. Working closely with each of the brands’ franchisees, with José [Cil, CEO], 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.”
Doyle served as the CEO of Domino’s from 2010 to 2018. He led that company to 29 consecutive quarters of same-store sales growth and systemwide sales growth from $5.6B to $13B.
“I”m excited to work closely with Patrick and our leadership team to build the most loved restaurant brands in the world,” Cil said in a statement. “ 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.”
Doyle will make a personal investment in the brands as well. He will purchase 500,000 shares of RBI stock, totaling $30 million, and has agreed to maintain his investment for five years.
In addition, 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.
Current chairmen Daniel Schwartz and Alex Behring will continue to serve on the board. Behring is a co-founder and co-managing partner of 3G Capital. Schwartz is the former CEO and executive chairman of RBI and co-managing partner of 3G Capital.
“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, Schwartz and Behring said in a statement. “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.”
RBI recently invested $400 million into Burger King and its franchisees as part of the Reclaim the Flame project to remodel the brand, which has already paid off for the brand.