Restaurant Brands chairman Bill Falconer has resigned and is being replaced by company director Ted van Arkel.
Mr Falconer announced he had retired today, having confirmed last month he would be leaving the company, the board of which he was appointed to in May 1997.
Restaurant Brands operates the KFC,Pizza Hut and Starbucks Coffee brands in this country. In Australia it is working on the sale of its troubled Pizza Hut Victoria chain which it bought in 2002.
Last month Mr Falconer said it had initially been expected to take three or four years before the Victorian business could stand on its own.
But last year the company's best assessment was that it might take six years or more, and the drain on New Zealand had to stop, he said.
He acknowledged having been frustrated by the "roller coaster volatility" of Restaurant Brands' performance.
"Branded fast foods tend to roll from promotion to promotion, which creates its own volatility, particularly as all promotions are not equally successful."
Today Mr Falconer said that in the early years when he was on the board the company had concentrated on the Pizza Hut franchise, first through the acquisition of Eagle Boys and then through new store openings, and had achieved some significant growth.
"The task now is to consolidate that position in a much larger and more competitive market," he said.
The KFC transformation programme in recent years had demonstrated the concept still had further growth potential.
Mr Falconer is also chairman of the Meat Industry Association, Hellaby Holdings and Oyster Bay Marlborough Vineyards Ltd. He is a director of Westfield Trust (NZ) Ltd, New Zealand Symphony Orchestra and Tower Ltd.
Mr van Arkel, who has been on the board of Restaurant Brands for nearly two years, retired as managing director of Progressive Enterprises at the end of 2004 after the acquisition and integration of Woolworths NZ.
He is a director of the Auckland Regional Chamber of Commerce & Industry Ltd, Auckland Regional Transport Authority, Allied Work Force Group Ltd, and National Property Trust, and chairman of Charlie's Group Ltd, La Grouw Corporation Ltd, Danske Mobler Ltd and Paper Plus Group Ltd. He is also chairman of Unitec NZ.
