Miami-headquartered Burger King, owned by the UK’s Diageo group, witnessed an abrupt exit by global chief executive Dennis Malamatinas in the wake of an announcement that the restaurant chain could be spun-off in whole or part as the result of an imminent strategic review.
Diageo now seeks a replacement for Malamatinas with a temperament that “could lead a future independent company”. As an interim measure, Colin Storm, chief executive of sister Diageo unit Guinness, will hold the fast food fort while his seat at the brewing giant is kept warm by its managing director of developing markets, Stuart Fletcher.
On the subject of a new president for BK North America, a post vacant since January, a Diageo spoke said that no appointment will be made until a permanent BK CEO is hired. Meantime, BK's American franchisee association is exploring a possible spin-off of the unit from Diageo.
BK’s US advertising is handled by Lowe Lintas & Partners Worldwide, New York.
News source: Advertising Age - Daily Deadline