News

RBI changes executive chair, CEO, COO

January 23, 2019

Burger King, Tim Hortons and Popeyes parent brand, Restaurant Brands International announced today that CEO and CFO Daniel Schwartz was promoted to RBI executive chair and co-chair of the RBI board of directors, while the CEO of the company's Burger King brand, Jose Cil was promoted to RBI CEO, according to a news release. Additionally, former RBI CFO and Chief Technology and Development Officer Josh Kobza was promoted to RBI COO.

Schwartz was Burger King CEO in 2013 and has been RBI CEO since its formation in 2014. He will also take a more active role as a partner at 3G Capital. He has been RBI CFO and CEO for the past eight years and helped create the company through the acquisitions of Burger King in 2010, Tim Hortons in 2014 and Popeyes Louisiana Kitchen in 2017.

Cil has been Burger King president since 2014, but has been with that brand for more than 18 years, helping drive its growth to more than $20 billion in system-wide sales and more than 17,000 restaurants in over 100 countries and territories across the globe.

Josh Kobza was RBI CFO 2013- 2017 and Chief Technology and Development Officer in 2018. He was also responsible for leading the acquisitions of Tim Hortons in 2014 and Popeyes Louisiana Kitchen in 2017. In his new role, he will continue oversight of new international franchise partnerships as well as the implementation of technology initiatives. 

The leadership changes are effective immediately. 

"I am very proud of the talented team that we have built at RBI," Schwartz said in the release. "This is a natural transition of roles for all of us, and reflects how we were already beginning to operate the business day-to-day. I have great optimism for what I believe our team will achieve, and we are looking forward to sharing further details with the investment community later this year."

Dividend, Q4 results announcements

The company also pre-released comparable sales and net restaurant growth results and declared a dividend increase to $0.50 per common share and partnership exchangeable unit. RBI said it now has a target of $2 in dividends in 2019, compared to $1.80 in 2018. The dividend is payable on April 3, to shareholders and unitholders of record at the close of business on March 15.

Pre-released Q4 comparable sales included:

• 2.2 percent Time Hortons Canada. 
• 1.9 percent Tim Hortons global. 
• 0.8 percent U.S. Burger King.
• 1.7 percent at Burger King global.
• 0.1 percent at Popeyes U.S. and Popeyes global. 

Pre-released Q4 net restaurant growth includes:

• 2.1 percent at Tim Hortons.
• 6.1 percent at Burger King. 
• 7.3 percent at Popeyes.