Restaurant Brands Appoints New CEO

Restaurant Brands Appoints New CEO

Restaurant Brands New Zealand Limited has appointed Russel Creedy as its new chief executive. He has been acting CEO since the departure of Vicki Salmon in February.

Chairman Ted van Arkel announced today following an extensive global search process that Mr Creedy has been appointed CEO of Restaurant Brands. Mr Creedy was selected ahead of a number of highly qualified candidates.

“This appointment is very important for the group. We have been through a thorough process starting from a re-evaluation of group priorities and culminating in a choice of the style of leadership and experience we need to achieve a substantial improvement in performance,” he said.

”During the past six months the group has undergone a full review of its operations and structure –– a process Russel has been intimately involved with –– and we expect this to be reflected in better trading results over the short to medium term.

“Russel’s leadership as acting chief executive over the past six months demonstrated to us he was the right person to lead Restaurant Brands through its next phase of performance improvement and expected earnings growth. His proven ability to work with stakeholders, including key suppliers and our franchisors to secure benefits for the group, negotiate improved supply-chain relationships and reduce costs also counted heavily in his favour.”

South African-born Mr Creedy, 48, joined Restaurant Brands in 2001 as a supply-chain director. Later, as director of business development and supply chain, he led the group through a major expansion which included the opening of 27 new Pizza Hut, 14 new Starbucks and four new KFC outlets.

Mr Creedy, who holds a bachelor of science (chemistry) and a master of business administration from the University of Witwatersrand, South Africa, has led Restaurant Brands’ cost-reduction campaign during his six-and-a-half years with the group. His achievements included:

• restructuring the supply chain by setting up a contract warehouse and distribution service for all frozen, chilled and dry goods;
• negotiating various supply contracts, including a seven-year chicken supply agreement worth $280 million, generating savings for KFC in the first year alone of $7.2 million;
• managing Pizza Hut from 2003–2005, achieving good results in an intensely competitive market; and
• the recent restructuring Restaurant Brands’ support centre, resulting in savings of $1.2 million.

Note to editors: Restaurant Brands New Zealand Limited, an NZSX-listed company, operates the Pizza Hut, KFC and Starbucks Coffee brands in New Zealand, generating sales of nearly $300 million a year.
Russel Creedy’s first name carries one ‘l’ only.

ENDS

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