KEY POINTS:
Head of troubled fast food company Restaurant Brands, Vicki Salmon, has today left her role as chief executive.
The announcement comes amid speculation around a potential company takeover and after it announced poor fourth quarter sales earlier this month.
In a brief statement to the stock exchange this morning, Restaurant Brands chairman Ted van Arkel said the company wished Salmon well for the future but gave no indication why she was stepping down.
Van Arkel said: "Vicki was a founding director at the time of Restaurant Brands listing on the New Zealand Stock Exchange in 1997, and stepped into the CEO role in December 2003. The Board acknowledges the energy, enthusiasm and commitment to the company, its people and brands which Vicki has shown."
The company is currently trying to woo potential buyers.
Restaurant Brands in November engaged investment bank, Macquarie Bank, to advise it about the potential sale of the company, which operates the Pizza Hut, Starbucks and KFC franchises in New Zealand.
There had been no firm proposals, but it is understood two private equity firms - Pacific Equity Partners and CVC Asia Pacific - have been in talks.
The company made a costly foray into the Australian pizza market, which it quit at a loss last year.
It told shareholders at the annual meeting last year that its decision to sell the Australian stores was hampered by due diligence from private equity firm CVC Asia Pacific, which looked at taking over the company last year.
CVC signalled a bid of $1.65 a share but gave up because it was unable to agree with the franchiser on certain points.
CVC together with Australian private equity firm Pacific Equity Partners were understood to be still assessing the company.
Asked what progress was being made on the possible sale of the company, Mr van Arkel said he could not add more than was said last week, when the company announced its quarterly sales. No firm offer had been put on the table, he said.
The failure of the mooted CVC deal to proceed had nothing to do with Ms Salmon's departure, he said.
Restaurant Brands shares fell 1c to $1.09 today. They have fallen from $1.33 a year ago and $2.16 in 2002.
Salmon is the third woman to step down from leading a major New Zealand company this year.
In February Telecom chief executive Theresa Gattung announced she will be ending her tenure in June, and Westpac New Zealand head Ann Sherry leaves next month to return to Westpac in Australia.
The company said it will start the search for a replacement for Salmon. In the meantime Russel Creedy, commercial services director, will be appointed acting chief executive.
- NZHERALD STAFF, NZPA
