Burger King, Tim Hortons become Restaurant Brands International
Dec. 15, 2014
by Eric Schroeder
|Burger King agreed to pay $11 billion to buy Tim Hortons. Each brand will be managed independently.
OAKVILLE, Ontario — Restaurant Brands International Inc. is officially the world’s third largest quick-service restaurant company following the successful completion of a transaction between Tim Hortons Inc. and Burger King Worldwide, Inc.
Effective Dec. 12, Tim Hortons common shares and Burger King Worldwide common stock ceased trading on the Toronto Stock Exchange and New York Stock Exchange. Restaurant Brands International common shares began trading on the Toronto Stock Exchange and New York Stock Exchange under the trading symbol QSR on Dec. 15. Exchangeable units of Restaurant Brands International Limited Partnership, a subsidiary of Restaurant Brands International, began trading on the Toronto Stock Exchange under the trading symbol QSP on Dec. 15.
The combined company is based in Canada and will have approximately $23 billion in system sales, with more than 18,000 restaurants in 100 countries.
In August Burger King agreed to pay $11 billion to buy Tim Hortons, a Canadian chain known for its coffee and donuts. Tim Hortons Inc. shareholders approved the combination on Dec. 9. Following the closing of the transaction, each brand will be managed independently.
Daniel Schwartz, formerly CEO, Burger King Worldwide has been appointed to the role of CEO, Restaurant Brands International.
“I am honored to have been chosen to lead Restaurant Brands International and its two iconic brands,” Schwartz said. “We have assembled a world-class leadership team that shares a passion for our brands and is committed to successfully growing the company into the world’s leading global restaurant business.”
Marc Caira, formerly CEO, Tim Hortons, will serve as vice-chairman of the board of directors of Restaurant Brands International.
In addition to Schwartz, the following executives have been appointed to the Restaurant Brands International leadership team.
• Elías Díaz Sesé, president, Tim Hortons
• José Cil, president, Burger King
• Scott Bonikowsky, chief communication and corporate affairs officer
• Heitor Gonçalves, chief people and information officer
• Jill Granat, general counsel and corporate secretary
• Josh Kobza, chief financial officer
• Cara Piggot, senior vice president, supply chain
Additionally, the company announced leadership teams for both the Tim Hortons and Burger King brands.
Díaz Sesé will lead the day-to-day operations of the Tim Hortons brand. A leader with more than 12 years’ experience in the global quick-service restaurant industry, Díaz Sesé most recently was president of Burger King Asia Pacific. He will be supported by a team of Tim Hortons executives. David Clanachan has been appointed president and chief operating officer, Tim Hortons Canada. Clanachan is a food service executive with more than three decades of experience, and he has held a range of executive leadership roles within the organization. Mike Meilleur has been named president, Tim Hortons US. Meilleur has been with Tim Hortons for 20 years and has led the transformation of the US business since 2012.
Other key executive appointments at Tim Hortons include:
• Peter Nowlan, chief marketing officer
• Tammy Sadinsky Martin, senior vice president, retail
• Felipe Athayde, executive vice-president, US development
• Sami Siddiqui, executive vice-president, finance.
Cil, president, Burger King, most recently oversaw the brand’s expansion in Europe, Middle East and Africa as president of Burger King EMEA. He will be supported by the following executive team:
• Alex Macedo, president, Burger King North America
• Bruno Lino, president, Burger King Europe, Middle East and Africa
• David Shear, president, Burger King Asia Pacific
• José Dias, president, Burger King Latin America and the Caribbean
• Axel Schwan, global chief marketing officer
• Rodrigo Musiello, executive vice-president, operations
• Paulo Barbosa, executive vice-president, finance.
The board of directors of Restaurant Brands International will include eight Burger King Worldwide, Inc. directors and three directors appointed by Tim Hortons. Alex Behring will lead the board as executive chairman and director, along with the following directors: Caira, vice-chairman; Martin E. Franklin; Paul J. Fribourg; John Lederer; Tom Milroy; Alan Parker; Schwartz; Roberto Moses Thompson Motta; Alexandre Van Damme; and Carlos Alberto da Veiga Sicupira.