Popeyes CEO to resign
March 3, 2017
by Monica Watrous
Cheryl Bachelder will step down when Restaurant Brands International acquires the business.
ATLANTA — Cheryl Bachelder, CEO of Popeyes Louisiana Kitchen, will resign at the closing of the company’s previously announced transaction with Restaurant Brands International Inc., which will announce a new Popeyes leader at that time.
Bachelder joined Popeyes in 2006 as a member of the board of directors and was named CEO in 2007. Under her leadership, the brand has expanded its global presence, with nearly 2,700 restaurants in 26 countries. Additionally, Popeyes’ franchise community has grown, with top-line restaurant sales up 45 percent and bottom-line restaurant operating profit more than doubled, according to the company.
“The board of directors and I are deeply grateful to Cheryl for her leadership of this enterprise,” said John Cranor, chairman of the Popeyes board of directors. “Cheryl’s collaborative and engaging approach to the business has driven a decade of success for the Popeyes brand and enabled the company to achieve outstanding results, putting Popeyes at the top of the quick-service restaurant industry. She has been a great mentor to many, and leaves Popeyes strong in this 45th anniversary year.”
On Feb. 21, Restaurant Brands International Inc., parent company of Burger King and Tim Hortons, announced plans to acquire Popeyes Louisiana Kitchen for $79 per share in cash, or $1.8 billion. The transaction is subject to customary closing conditions and is expected to close by early April 2017.