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Burger King Promotes New Chief Executive

John Chidsey, President and Chief Financial Officer over at Burger King, was promoted to the Chief Executive post. This move by the Hamburger chain is said to provide more stability for a coming initial public offering later this year. Chidsey replaces turnaround expert Greg Brenneman, who will return to the helm of his private equity firm after less than two years with Burger King, but keep a major stake in the firm.

Chidsey, 43, has started working for Burger Kind in 2004 and now becomes the chain`s 10th CEO in 17 years. Brenneman said he and the board of directors of the No. 2 hamburger chain had decided that Chidsey should take over the top job before the IPO, which is expected by the end of June. "We thought it was better to go to investors with the long-term, stable management team that is going to be here," he said, adding that he had not been forced out by Burger King`s private equity owners.

Texas Pacific Group, Bain Capital, and Goldman Sachs Capital Partners bought Burger King from British drinks company Diageo Plc in 2002 for about $1.5 billion. Since then, the chain has improved sales at its 11,000 restaurants and returned to profitability thanks to quirky ads targeted at young, male consumers and new menu items like the Angus steak burger and Enormous Omelet sandwich.