The exec who saved Domino's Pizza is staking $30 million to revive the Whopper
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The exec who saved Domino's Pizza is staking $30 million to revive the Whopper
Restaurant Brands executive chairman Patrick Doyle is helping Burger King "reclaim the flame."
Patrick Doyle saved iconic Domino's Pizza (DPZ) from an ice-cold ruin, and now he is back at it to save another icon of the fast food wars: Burger King and its meaty flame-grilled Whopper.
Doyle, who joined Burger King owner Restaurant Brands (QSR) in mid-November 2022 as executive chairman, told Yahoo Finance that he has $30 million of his own money on the line tied up over five years in an attempt at a successful reboot of the Burger King brand.
"I really believe in the opportunity here — it's an amazing business," Doyle said on Yahoo Finance Live (video above). "We have got the best burger in the category [in the Whopper] and that's a lot to work with. We've got work to do on our assets, we've got work to do on our speed of service... we've got to improve the franchisee profitability and the cash-on-cash returns of building these restaurants. But we've got the Whopper. And the Whopper is the best burger in the category. It's terrific. It's iconic."
Doyle is bringing one hell of a track record to Restaurant Brands.
As CEO of Domino's Pizza from 2010 to 2018, Doyle doubled down on ingredient quality and a more focused menu. He even took a crack at reinventing the Domino's delivery car.
In turn, Domino's stock exploded from $12 when he started to about $270 on his way out.
Restaurant Brands' most recent results shed light on the work Doyle will have to do on BK and the company's other brands alongside incoming CEO Josh Kobza, who will replace current CEO José Cil in March.
Burger King U.S. same-store sales rose 5.3% in the fourth quarter, lagging the 10.3% gain seen over at rival McDonald's (MCD). Profitability for the "Home of the Whopper" also continued to be under pressure in 2022 as franchisees battled tougher competition with restaurants that in some cases were in bad need of reinvestment.
Doyle says it's important that the company revives the Whopper and improves operations so franchisees see the results and then reinvest in things like digital menu boards and drive-thru technology.
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