Doyle will function the corporate’s government chairman, taking a 500,000-share stake within the firm as fee. The shares are valued at about $30 million.
In response to the information report, Tim Hortons and Burger King have struggled in recent times because of the pandemic. RBI just lately pledged $400 million to assist Burger King’s operations and promoting.
Doyle left Domino’s in 2018.
“I like the restaurant business. These are 4 distinctive manufacturers with actual alternatives for accelerated progress. Working intently with every of the manufacturers’ franchisees, with Jose, the entire RBI workforce, and the Board of Administrators, I’m assured we will create some of the compelling progress tales within the business,” Doyle stated in an organization press launch.
Doyle will obtain extra shares based mostly on efficiency tied to RBI’s share worth growing over 5 years, the corporate stated in an announcement. Doyle will earn extra shares if RBI’s inventory hits a minimum of $81.32 inside 5 years and he’ll obtain extra if inventory hits $122, stated the corporate in a submitting.
“I am excited to work intently with Patrick and our management workforce to construct probably the most beloved restaurant manufacturers on the earth. This consists of our intention to quickly speed up progress within the firm and ship on plans that end in distinctive service for our company; and wonderful returns for our franchisees and for all shareholders,” Jose Cil, CEO of RBI, stated in a press launch.