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Burger King to pay off debt, announces executive appointments
July 25, 2007
MIAMI —Burger King Holdings Inc. has announced that it will retire $25 million in debt July 31, 2007, using cash generated from operations.
"After evaluating our options, and given the current debt-market environment, we have determined that paying down debt now to reduce our interest expense will further strengthen the company's financial position and benefit shareholders, " said Ben Wells, executive vice president, chief financial officer.
The company also announced senior leadership appointments in four departments as part of Burger King's plan to meet fiscal 2008 global growth targets.
Mike Kappitt has been named senior vice president, global business intelligence and strategy. Hewill oversee consumer insights and performance analytics globally, as well as the trade area analytics that inform development decisions.
He also will retain his responsibilities for global sales forecasting, and for pricing decisions for new and existing products.
Jonathan Fitzpatrick has been promoted to senior vice president, development and franchising. Fitzpatrick will be responsible for strengthening restaurant development and remodels, real estate management, construction, franchising and market planning.
Operations
John Reckert will assume the role of senior vice president, global operations research and development.
Additionally, Chris Anderson has been promoted to senior vice president of finance, reporting to Ben Wells, executive vice president, chief financial officer.Anderson will continue managing the company's consolidation, external reporting and U.S.A. Accounting groups, with additional responsibilities to include oversight of risk management, franchise finance and credit & collections.
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