Restaurant Brands chief executive to quit

The chief executive of Restaurant Brands, Jim Collier, is quitting in August to return to Australia after six years in the job.

Chairman Bill Falconer said Restaurant Brands had initiated steps to find a replacement "but in the interim, two of the company's directors would assume executive responsibilities to ensure that the company's business momentum is maintained."

Mr Falconer said Mr Collier was taking up a "significant appointment" in Australia but it was not disclosed. Mr Collier was not immediately available to comment.

Restaurant Brand shares were down four cents to $1.35 after the news.

Vicki Salmon will fill the position of chief executive with primary responsibility for the New Zealand business. Australian-based director Danny Diab will oversee the Pizza Hut operation in Victoria.

Ms Salmon has been on the Restaurant Brands board since its formation six years ago, and is chair of the audit committee. She has been closely associated with the introduction of the Starbucks franchise, Mr Falconer said.

Mr Diab has been one of the company's most successful Pizza Hut operators, and was a consultant to Restaurant Brands for five years prior to his appointment as a director.

- NZPA