Burger King's chairman and chief executive resigned today after starting a turnaround at the number-two hamburger restaurant chain, but his departure raised questions about the company's impending initial public offering and its continued revolving door for leaders, writes MSNBC. Greg Brenneman, 44, is a veteran of fixing troubled companies, including Continental Airlines Inc. in the 1990s. He joined Burger King in August 2004 amid nearly two years of slumping sales, but the chain says it's now had eight consecutive quarters of sales growth at stores open at least a year, and profits are small but growing. John Chidsey, 43, was promoted from president and chief financial officer to chief executive, effective immediately. He is the 11th CEO since 1989 at the Miami-based company.
The shake-up comes as the chain's parent, Burger King Holdings Inc., is preparing for the IPO. The company hopes to raise up to $400 million, but has released few other details, such as the price per share or what percentage of the company would be offered. The sale is expected to occur by June 30, if securities regulators approve.
Brenneman is returning to his private equity firm, TurnWorks Inc., to pursue business turnarounds.
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