Fast food restaurant operator Burger King Holdings, Inc. (BKC) said Tuesday that it has appointed its chief executive officer John Chidsey to the additional role of chairman. The company also revealed that it is reducing the size of its board to ten members.
Chidsey's new appointment becomes effective on July 1, Burger King reported. The news follows the resignation of non-executive chairman Brian Swette from his position, effective June 30. Swette will continue to serve as a director on the company's board.
In addition, the company said that three of its directors have elected to resign from its board in order to account for the reduced ownership of the company by private equity funds.
The Miami, Florida-based Burger King was purchased by private equity funds controlled by TPG Capital, Bain Capital Partners and the Goldman Sachs Funds in December 2002. The private equity funds now own only about 32% of the company's outstanding shares after they sold about 19.9 million of the company's shares in a secondary offering last year. That offering was worth a total of about $486 million.
Accordingly, three of the representatives of the private equity funds have elected to resign from the company board effective June 30 - David Bonderman of TPG Capital, Andrew Balson of Bain Capital Partners and Adrian Jones of the Goldman Sachs Funds.
The company noted that effective July 1, there will be only ten directors on its board.
John Chidsey has served as Burger King's CEO since April 2006. Prior to that, he was the firm's President and Chief Financial Officer, roles he took on starting in September 2005. Chidsey joined Burger King in March 2004 and has also served as the President of North America.
Prior to joining Burger King, Chidsey served in numerous positions at Cendant Corporation, most recently as Chief Executive Officer of the Vehicle Services Division and the Financial Services Division.
Meanwhile, Brian Swette has served on the board since April 2003 and became Non-Executive Chairman in April 2006. Swette served as Chief Operating Officer of eBay from 1998 to 2002.
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