January 23, 2019 / 12:10 PM / 3 months ago

UPDATE 2-Restaurant Brands names Burger King boss Jose Cil as CEO

(Adds details on Schwatrz and Cil)

Jan 23 (Reuters) - Restaurant Brands International Inc on Wednesday named Jose Cil, the current head of its Burger King unit, as its chief executive officer, replacing Daniel Schwartz.

Schwartz, who was instrumental in creating the fast-food giant through the acquisitions of Burger King in 2010, Tim Hortons in 2014 and Popeyes Louisiana Kitchen in 2017, will stay on as Executive Chairman, the company said.

In his new role, Schwartz will focus on hiring, capital allocation and major strategic initiatives.

Restaurant Brands said neither Schwartz nor investor 3G Capital plan to sell their shares in the company.

Cil, who has been with Burger King for 18 years and its president since 2014, will be tasked with improving global sales for the company's three brands - Tim Hortons, Popeyes and Burger King.

The company has been struggling to lift sales of its Burger King and Tim Hortons brands as they face rising competition in the fast-food industry from rivals like McDonald's Corp and Yum Brands Inc's Kentucky Fried Chicken.

On Wednesday, Restaurant Brands said it expects Tim Hortons fourth quarter comparable sales to rise 1.9 percent globally, compared with a a 0.1 percent rise a year ago. In Canada comparable sales are expected to rise 2.2 percent, from 0.8 percent last year.

Under Schwatrz, Restaurant Brands has been revamping the coffee-and-donut chain. In July, it announced plans to open 1,500 outlets in China over the next decade, capitalizing on a growing cafe culture in the world's second-largest economy.

For Burger King, comparable sales are expected to grow 0.8 percent in the United States.

The company said it expects comparable sales of 1.7 percent at its Burger King outlets globally in the fourth quarter compared to a 4.6 percent rise in the same period last year. (Reporting By Shradha Singh in Bengaluru; Editing by Shailesh Kuber)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below