MIAMI — Burger King Corporation announced that John Chidsey, 43, the company's president and chief financial officer, has been named chief executive officer, effective immediately.
According to a news release, the company's board also announced that Brian Swette, a current independent director, would serve as non-executive chairman. In addition, Ben Wells, 52, senior vice president and treasurer, has been promoted to chief financial officer and treasurer.
Greg Brenneman, Burger King's former chairman and CEO, is returning to his private equity firm, TurnWorks Inc., to pursue business turnarounds. Brenneman joined Burger King in August 2004 to lead a team that together has accomplished eight consecutive quarters of positive comparable sales growth.
Brenneman has agreed to continue to work with the board of directors as a consultant in connection with the transition.
Prior to serving as Burger King's president and CFO, Chidsey served as president of the Americas and president of North America at the company. Before joining the chain in 2004, Chidsey served as chairman and CEO for two corporate divisions at Cendant: the Vehicle Service Division, a $5.9 billion division, which includes Avis Rent A Car and Budget Rent A Car Systems, and the financial services division, a $1.4 billion division that includes Jackson Hewitt and PHH. Previously, Chidsey was the CFO of Pepsi- Cola Eastern Europe and the CFO of PepsiCo World Trading Co. Inc.
