TORONTO — Restaurant Brands International Inc. (RBI) appointed Patrick Doyle as the company’s executive chairman, effective immediately.
“Patrick’s appointment as executive chairman is a huge addition to the already strong leadership team that we have built over the past few years,” said current co-chairs of the board, Daniel Schwartz and Alex Behring. “This is part of our long-term strategy to accelerate growth in our restaurant brands and profitability for our franchisees and drive shareholder returns that we believe the company is very capable of delivering.”
Doyle brings experience as a global quick-service-restaurant leader. During his time as chief executive officer of Domino’s Pizza from 2010 to 2018, Doyle led the company through a digital transformation, delivered 29 consecutive quarters of same-store sales increases and doubled home market franchise profitability.
“I’m excited to work closely with Patrick and our leadership team to build the most loved restaurant brands in the world,” said Jose Cil, CEO of RBI. “This includes our intention to rapidly accelerate growth in the company and deliver on plans that result in exceptional service for our guests; and excellent returns for our franchisees and for all shareholders.”
Doyle is making a personal investment to purchase 500,000 shares of RBI stock, valued at approximately $30 million. To assert his confidence in the shareholder value, he has agreed to maintain his investment for five years.
In addition, Doyle will receive a one-time equity package of 2,000,000 options granted at fair market value, vesting in 5 years; 500,000 restricted share units vesting ratably over five years; and 750,000 performance share units vesting in 5.5 years, with a 100% target performance tied to a roughly 10% compound annualized return in RBI’s share price over five years.
“I love the restaurant industry,” Doyle said. “These are four exceptional brands with real opportunities for accelerated growth. Working closely with each of the brands’ franchisees, with Jose, the whole RBI team and the board of directors, I am confident we can create one of the most compelling growth stories in the industry.”
The appointment follows the recent strong performance reported across RBI’s Tim Hortons Canada and Burger King US brands.