Restaurant Brands International on Wednesday said it appointed former Domino’s Pizza CEO Patrick Doyle as executive chairman.
Doyle starts immediately to turn around the company that owns Burger King, Popeyes, Tim Hortons and Firehouse Subs. He is known for improving digital ordering and food quality at Domino’s and growing comparable sales for 29 straight quarters.
Doyle, 59, was chief executive of Domino’s from 2010 to 2018, and oversaw its transformation, bringing its shares from under $12 to $270 when he left the company.
Doyle said he will visit restaurants to meet franchisees and customers as he gets to know the company.
According to Reuters Doyle agreed to buy 500,000 shares worth about $30 million and to hold them for five years, subject to regulatory approvals.
RBI’s share price closed at $59.74 on Tuesday, roughly flat from where it was five years ago. If RBI’s share price rises to $96 in five years, Doyle would get a 100% payout, which would be worth about $190 million.
“This is an opportunity for me to work closely with someone who has had an incredible track record in the restaurant industry, one of the most successful runs ever,” Restaurant Brands CEO Jose Cil told CNBC.
Doyle replaces RBI’ current co-chairs, Daniel Schwartz and Alex Behring.
