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by Resto Guy
- February 14, 2023
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Restaurant Brands Global, the proprietor of Burger King, Tim Hortons, Popeyes and Firehouse, has named Josh Kobza CEO. / Photo courtesy of Burger King.
Restaurant Brands Global on Tuesday named Josh Kobza CEO, a shift that arrives just weeks following the proprietor of Burger King, Popeyes, Tim Hortons and Firehouse Subs hired former Domino’s CEO Patrick Doyle to be its new executive chairman.
Kobza, an 11-calendar year business veteran who was most just lately RBI’s chief functioning officer, will take about for José Cil as aspect of its “ongoing succession arranging process.” Cil, who experienced been CEO given that 2019, will continue being with RBI for one particular yr as an advisor.
“Over the previous various years, the board of administrators has worked with management to construct a thoughtful succession strategy for crucial positions, so this is a pure transition for Josh to lead our next phase of progress,” Doyle mentioned in a assertion.
Kobza was main money officer for the enterprise in between 2013 and 2018, when he was integral to the mixture of Burger King and Tim Hortons that designed RBI. He was then named main engineering officer before he was provided the COO title in 2019. Kobza labored on the acquisitions of Popeyes in 2017 and then Firehouse in 2021.
The shift finishes Cil’s four-12 months tenure and the end of his approximately two-decade tenure with the enterprise. He guided RBI by the pandemic, the acquisition of Firehouse and the revitalization of Tim Hortons. He was also CEO of the company as Popeyes released its chicken sandwich, the most pivotal new item introduction in modern-day market history.
Cil was named the Restaurant Leader of the Yr in 2021.
But Burger King U.S. struggled coming out of the pandemic and its personal chicken sandwich introduction was a flop, prompting the enterprise to make a $400 million expenditure guiding its revitalization. Burger King’s U.S. exact-retail outlet revenue rose 5% in the U.S., RBI said Tuesday. Massive Burger King operator Toms King declared bankruptcy earlier this yr.
RBI very last yr incredibly lured Doyle to come to be the company’s government chairman. At the time, RBI’s now-previous co-chairs explained the transfer was developed to accelerate growth and “drive shareholder returns that we feel this firm is pretty capable of providing.”
RBI’s inventory rate was down much more than 3% in pre-market place trading on Tuesday.
“We’ve made good progress around the past couple many years and I’m really happy of the staff we have built at RBI,” Cil explained in a assertion.
RBI on Tuesday documented systemwide income progress of 13% in 2022, thanks in section to the addition of far more than 1,200 worldwide dining places. Same-retail store profits for the company’s 4 models rose 8% in the fourth quarter when the company’s earnings rose 21% to $3.25 per share. Earnings rose 9% to $1.7 billion.
Identical-retail store sales rose 11% at Burger King internationally. Popeyes U.S. identical-store product sales rose 1.5%. Tim Hortons’ exact same-retailer revenue in Canada enhanced 11% on the back again of that brand’s comeback. At Firehouse, similar-retailer product sales rose 1%.
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