By Adriano Marchese

Restaurant Brands International Inc. shares rose Wednesday morning after the company said it appointed Patrick Doyle as its new executive chairman and that he would make a sizeable personal investment in the company.

At 10:28 a.m. ET, Restaurant Brands' Toronto-listed shares were trading 6.8% higher at 84.76 Canadian dollars, or US$63.80.

Mr. Doyle brings with him a wealth of experience in the restaurant industry, having led pizza restaurant chain Domino's Pizza Inc. as its chief executive between 2010 and 2018.

Restaurant Brands, a Canadian-American fast food company, which owns the Tim Hortons and Burger King brands, said that they chose Mr. Doyle with the aim of unlocking growth potential alongside its current leadership.

While CEO of Dominos, Mr. Doyle delivered 29 consecutive quarters of same-store sales increases with system-wide sales growth of $5.6 billion and $13 billion while improving profitability and supporting share price growth, Restaurant Brands said.

In the new role, Mr. Doyle will get a substantial share package, receiving a one-time equity package of 2 million options granted at fair market value and vesting in five years. He will also receive 500,000 restructured share units vesting over five years and 750,000 performance share units vesting in five and a half years.

"RBI's board of directors believes Mr. Doyle's compensation package reflects his unmatched performance as one of the world's most successful quick-service restaurant leaders and is fully aligned with shareholder interests as benefits are substantially realized upon significant improvement in company performance," it said.

Restaurant Brands also said that the new executive would make a personal investment to purchase 500,000 company shares for a value of about $30 million with an agreement to maintain the shares for five years.

Effective immediately, Mr. Doyle replaces two co-chairmen, Daniel Schwartz and Alex Behring, who will continue to serve on the board of directors.

Mr. Behring is a co-founder of 3G Capital Management LLC, Restaurant Brands' largest shareholder since its acquisition of Burger King Holdings in 2010, and is currently its co-managing partner. Mr. Schwartz is the former CEO and executive chairman of Restaurant Brands and co-managing partner of 3G Capital.

Write to Adriano Marchese at

(END) Dow Jones Newswires

11-16-22 1051ET