Former Domino’s CEO Patrick Doyle has been appointed as executive chairman of Burger King by parent company Restaurant Brands International Inc in or
Former Domino’s CEO Patrick Doyle has been appointed as executive chairman of Burger King by parent company Restaurant Brands International Inc in order to increase flat share prices and expand digital sales.
At Domino’s, Doyle had a tremendous amount of success. Between improving online ordering and food quality and causing the share price to go from $12 in 2010 to $271 in 2018, it’s clear why RBI chose him.
Two current RBI co-chairs, Alexandre Behring and Daniel Schwartz, had known Doyle for over a decade and had the idea of asking him to be CEO during a lunch with him over the summer.
Behring and Schwartz are managing partners of 3G Capital Partners Ltd which brings in 29 percent of RBI’s shares. Though they are stepping down as co-chairs, the two will still remain on the board.
Doyle plans on visiting the restaurants and customers to get to know the company more. He also seems to have the same plan for Burger King that he had for Domino’s, making online ordering easier for customers so that they return.
He also claims that this company will be to survive this economic decline because fast food restaurants have “great value for customers.”
The new CEO is going to buy 500,000 shares from the company, which is estimated to be about $30 million, and hold them for five years.
Doyle will not be receiving a base salary or. and bonus but will get 2 million stock options valued at a fair market price, which is going to vest in five years.
In addition he will be receiving 500,000 restricted share units and 750,000 performance shares if he meets a particular performance criteria.
If RBI’s share price raises from its current $96 in the next five years, Doyle will be receiving a 100 percent payout, an estimated amount of $190 million.