Restaurant Brands has changed its corporate structure, splitting into three regional operating divisions following its acquisition of the largest fast-food operator in Hawaii.
Last week, Restaurant Brands gained approval from Yum! Brands, the parent company of Pizza Hut and Taco Bell, to acquire the only franchisee for the 82 Taco Bell and Pizza Hut stores in Hawaii, with settlement is expected in the next two weeks. In April 2016, it bought the biggest KFC franchisee in New South Wales, Australia.
These acquisitions have transformed the business into a more complex international company, which it expects to accelerate when it pursues future growth options, the company said in a statement. Accordingly, the board has approved a change in structure which will see the company report to shareholders from three geographically separate operating divisions: New Zealand, where it runs KFC, Pizza Hut, Carl's Jr and Starbucks Coffee, Australia, and Hawaii.
"Leading these three divisions will be a new corporate office, still domiciled in New Zealand.
Russel Creedy as group chief executive and Grant Ellis as group chief financial officer will continue to perform their current roles, but will be much more focused on Restaurant Brands international businesses and further growth strategies." the company said. "Each division will operate on a stand-alone basis with each country head reporting to the group CEO and CFOs having functional responsibility to the group CFO."
Ian Letele has been appointed country CEO of the New Zealand division, with Herman Pretorius as NZ CFO. The Australian business will be headed up by Adrian Holness as country CEO and Ashley Jones as CFO and the Hawaiian operations will have Kevin Kurihara as country CEO and Brent Matsumoto as CFO.
In December, the fast-food retailer reported it lifted sales 35 per cent to $119 million in the third quarter, with most of the increase coming from the 42 Australian KFC stores it bought in April that year.
The shares last traded at $5.36 and have gained 6.1 per cent in the past year.