Burger King CEO Blum Leaves the Company.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Burger King Corporation announced today that its CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Brad Blum Brad Blum (born 1954) was the CEO of Burger King from December 2002 to July 2, 2004. He joined from Darden Restaurants where he had headed the Olive Garden unit, but left after only 18 months citing strategic differences with Burger King's board. has left the Company, citing strategic differences with the Board. In a statement, the Board of Directors thanked Mr. Blum for all his efforts and noted that a number of milestones had been achieved under his leadership to build the foundation for a strong turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. . Mr. Blum said, "While there remains much work to be done, good progress is being achieved and the team is committed to accelerating this growth. I have enjoyed my relationship with the company's many employees and franchisees and wish to thank them for their support in building the Burger King brand." The Board said that the Burger King senior management team would continue to oversee the business, staying focused on guests, employees, and franchisees until a new chief executive is appointed. "We are proud of the team we have assembled here at Burger King. Our comparable restaurant sales results are up sharply as consumers are responding to high quality new products, improved operations and better marketing. In May, domestic year-over-year same restaurant sales increased by 7.5%, and we expect even more significant gains for June," the Board's statement said. Burger King has already begun searching for a replacement and hopes to make a decision on a new CEO by August 1. About Burger King Corporation Our vision: We proudly serve the best burgers Burgers are hamburgers. Burgers may also refer to:
The BURGER KING system operates more than 11,220 restaurants in all 50 states and in 60 countries and territories around the world. Ninety-one percent of BURGER KING restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. Burger King Holdings, Inc., the parent company, is private and independently owned by an equity sponsor group comprised of Texas Pacific Group, Bain Capital Bain Capital LLC is a Boston, Massachusetts-based private equity firm founded in 1984 by Mitt Romney, the former Governor of Massachusetts, and two other partners from the consulting firm Bain & Company: T. Coleman Andrews III and Eric Kriss. and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Capital Partners. In fiscal year ending June 30, 2003, Burger King Corporation had system-wide sales of $11.1 billion. To learn more about BURGER KING, please visit the company's website at www.burgerking.com. |
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