KEY POINTS:
Struggling fast-food chain Restaurant Brands has looked within its own ranks once again for a company head, yesterday appointing acting chief executive Russel Creedy to the job permanently.
Chairman Ted van Arkel said Creedy, 48, was appointed "following an extensive global search process".
"Mr Creedy was selected ahead of a number of highly qualified candidates," he said.
"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."
Creedy replaces Vicki Salmon, who resigned in February while Restaurant Brands said it was in talks with private equity buyers.
The company called off the sales process with no result in May.
Salmon was also an internal appointment. She had been on the Restaurant Brands board since it floated on the NZX a decade ago and was acting chief executive after Jim Collier left in 2003.
The company - which owns the KFC, Starbucks Coffee and Pizza Hut franchises in New Zealand - made a $6.5 million net profit in its last financial year, about half the previous year.
Shares in Restaurant Brands closed down 1c at 85c yesterday.
South African-born Creedy 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 Coffee and four new KFC outlets.
