MIAMI Burger King Holdings Inc. said its board of directors has appointed chief executive John Chidsey to the additional post of chairman as part of a reshuffling that also brought the resignation of three representatives from the consortium that controls 32 percent of BK’s shares. The changes, which will shrink the company’s board to 10 seats, are effective June 30.
Stepping down from the board at that time, BK said, will be the directors from TPG Capital, Bain Capital Partners and Goldman Sachs Funds, which collectively purchased the burger giant in December 2002 from Diageo for about $1.5 billion. An initial public offering followed.
The private-quity firms have been winnowing down their stakes since the IPO, but still collectively control nearly a third of shares outstanding.
Exiting the board in June will be David Bonderman from TPG, Andrew Balson from Bain and Adrian Jones from Goldman.
Chidsey will assume the chairman’s seat from Brian Swette, an outsider who will remain on the board.
Burger King owns or franchises 11,400 quick-service restaurants in 70 countries.
