Restaurant Brands Worldwide, the owner of Burger King, Tim Hortons, Popeyes and Firehouse, has named Josh Kobza CEO. / Photo courtesy of Burger King.
Restaurant Models Worldwide on Tuesday named Josh Kobza CEO, a go that will come just months just after the operator of Burger King, Popeyes, Tim Hortons and Firehouse Subs hired previous Domino’s CEO Patrick Doyle to be its new govt chairman.
Kobza, an 11-year corporation veteran who was most not long ago RBI’s chief running officer, will acquire more than for José Cil as portion of its “ongoing succession organizing procedure.” Cil, who experienced been CEO since 2019, will remain with RBI for a single calendar year as an advisor.
“Over the past many many years, the board of directors has worked with administration to create a considerate succession approach for key positions, so this is a natural transition for Josh to direct our following stage of growth,” Doyle stated in a statement.
Kobza was main economical officer for the corporation between 2013 and 2018, when he was integral to the mix of Burger King and Tim Hortons that created RBI. He was then named main technological innovation officer in advance of he was provided the COO title in 2019. Kobza worked on the acquisitions of Popeyes in 2017 and then Firehouse in 2021.
The transfer finishes Cil’s 4-calendar year tenure and the stop of his just about two-decade tenure with the firm. He guided RBI by means of the pandemic, the acquisition of Firehouse and the revitalization of Tim Hortons. He was also CEO of the organization as Popeyes released its rooster sandwich, the most pivotal new product or service introduction in fashionable sector history.
But Burger King U.S. struggled coming out of the pandemic and its own chicken sandwich introduction was a flop, prompting the organization to make a $400 million investment behind its revitalization. Burger King’s U.S. very same-retail outlet profits rose 5% in the U.S., RBI said Tuesday. Big Burger King operator Toms King declared bankruptcy before this yr.
RBI final calendar year amazingly lured Doyle to develop into the company’s govt chairman. At the time, RBI’s now-former co-chairs stated the move was made to speed up growth and “drive shareholder returns that we imagine this organization is quite capable of delivering.”
RBI’s stock rate was down additional than 3% in pre-market buying and selling on Tuesday.
“We’ve produced wonderful progress over the earlier several several years and I’m very very pleased of the staff we have created at RBI,” Cil explained in a statement.
RBI on Tuesday claimed systemwide sales expansion of 13% in 2022, thanks in part to the addition of additional than 1,200 international dining places. Exact same-retail store revenue for the company’s 4 brand names 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.
Very same-shop income rose 11% at Burger King internationally. Popeyes U.S. very same-shop product sales rose 1.5%. Tim Hortons’ very same-store sales in Canada increased 11% on the back of that brand’s comeback. At Firehouse, same-retailer revenue rose 1%.
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