John Budd will oversee franchise sales, real estate in the newly created position
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Sonic Corp. has named John Budd chief development and strategy officer, a newly created position, the company said Thursday.
Budd will oversee domestic and international franchise sales, real estate and construction for the Oklahoma City-based company’s 3,500-unit Sonic Drive-In chain.
He was previously a partner and managing director at the Boston Consulting Group, a global management consulting firm. There, he helped restaurant brands create management strategies, drive unit growth, implement menu innovation, and improve same-store sales and profits. Before that role, Budd held various domestic and international positions at General Electric.
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Budd will report directly to Sonic chairman, chief executive officer and president Clifford Hudson.
“John’s rich background in corporate development and strategy will serve as an asset to the Sonic brand as we continue to grow,” Hudson said in a statement.
Sonic reported in June that third-quarter net income increased 2.8 percent to $14.8 million, or 26 cents per share, compared with $14.4 million, or 24 cents per share, a year earlier.
Revenue in the third quarter ended May 31 declined 1.9 percent to $146.6 million, reflecting a systemwide same-store sales gain of 0.1 percent and a reduction in lease income. Same-store sales increased 0.2 percent at franchised locations during the quarter, offset by a 1.1-percent decrease at company-owned drive-ins.
Contact Ron Ruggless at [email protected].
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