Restaurant Models Global, the owner of Burger King, Tim Hortons, Popeyes and Firehouse, has named Josh Kobza CEO. / Photo courtesy of Burger King.
Restaurant Brand names Global on Tuesday named Josh Kobza CEO, a move that will come just months following the operator of Burger King, Popeyes, Tim Hortons and Firehouse Subs employed previous Domino’s CEO Patrick Doyle to be its new executive chairman.
Kobza, an 11-calendar year corporation veteran who was most not long ago RBI’s main working officer, will get in excess of for José Cil as portion of its “ongoing succession planning course of action.” Cil, who experienced been CEO considering the fact that 2019, will continue to be with RBI for one 12 months as an advisor.
“Over the previous quite a few several years, the board of administrators has labored with management to establish a thoughtful succession system for vital positions, so this is a natural changeover for Josh to lead our up coming stage of expansion,” Doyle mentioned in a statement.
Kobza was main fiscal officer for the enterprise concerning 2013 and 2018, when he was integral to the blend of Burger King and Tim Hortons that created RBI. He was then named main know-how officer ahead of he was presented the COO title in 2019. Kobza labored on the acquisitions of Popeyes in 2017 and then Firehouse in 2021.
The shift ends Cil’s four-12 months tenure and the close of his just about two-decade tenure with the organization. He guided RBI by the pandemic, the acquisition of Firehouse and the revitalization of Tim Hortons. He was also CEO of the firm as Popeyes launched its hen sandwich, the most pivotal new product introduction in modern day market historical past.
But Burger King U.S. struggled coming out of the pandemic and its very own rooster sandwich introduction was a flop, prompting the firm to make a $400 million expenditure guiding its revitalization. Burger King’s U.S. similar-retail outlet profits rose 5% in the U.S., RBI said Tuesday. Massive Burger King operator Toms King declared individual bankruptcy before this year.
RBI final year amazingly lured Doyle to become the company’s government chairman. At the time, RBI’s now-former co-chairs claimed the shift was made to speed up growth and “drive shareholder returns that we consider this organization is really able of delivering.”
RBI’s stock price tag was down far more than 3% in pre-current market investing on Tuesday.
“We’ve built excellent progress above the past handful of a long time and I’m incredibly proud of the team we have designed at RBI,” Cil said in a assertion.
RBI on Tuesday described systemwide revenue development of 13% in 2022, many thanks in aspect to the addition of a lot more than 1,200 world restaurants. Very same-retail outlet sales for the company’s 4 makes rose 8% in the fourth quarter when the company’s earnings rose 21% to $3.25 for each share. Profits rose 9% to $1.7 billion.
Very same-keep sales rose 11% at Burger King internationally. Popeyes U.S. very same-retail outlet profits rose 1.5%. Tim Hortons’ same-store income in Canada improved 11% on the back of that brand’s comeback. At Firehouse, similar-store gross sales rose 1%.
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