Restaurant Brands International Inc. Appoints Patrick Siewert as Senior Advisor in Asia-Pacific Region

Rhea-AI Summary

Restaurant Brands International (RBI) has appointed Patrick Siewert as Senior Advisor in the Asia-Pacific region. Siewert brings extensive experience, having led Carlyle Group's consumer investments in Asia for 16 years and previously served as COO and Group President for Coca-Cola in Asia. His role includes advising on new franchise partnerships and talent acquisition as RBI aims to open 7,000 new international restaurants by 2028. RBI currently operates over 4,500 restaurants in Asia, with significant presence in China and plans to introduce Firehouse Subs in the region.

Positive

• Appointment of Patrick Siewert, a seasoned executive with extensive experience in Asia-Pacific.
• RBI targets opening 7,000 new international restaurants by 2028.
• Strong existing presence with more than 4,500 restaurants in Asia.
• Introduction of Firehouse Subs in Asia plans confirmed.

Negative

• No specific financial metrics or projections provided in the announcement.
• Uncertainty about how quickly new franchise agreements will materialize.

Mr. Siewert led the Carlyle Group's consumer, media, and retail investments in Asia-Pacific for 16 years
Previously served as Chief Operating Officer and Group President for Coca-Cola in Asia
Serves as a board member for Mondelez International and Avery Dennison Corporation
Appointment will contribute to RBI's aspiration of opening at least 7,000 new international restaurants through 2028

TORONTO, May 29, 2024 /PRNewswire/ - Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) (TSX: QSP) ("RBI", "Company") has appointed Patrick Siewert as its Senior Advisor in the Asia-Pacific region. Mr. Siewert has extensive knowledge in food, beverage and consumer products in Asia, having served as Chief Operating Officer and Group President for Coca-Cola in Asia from 2001-2007 and then as Managing Director for the Carlyle Group in Asia from 2007-2023.

In 2017, Mr. Siewert led the Carlyle Group's acquisition of 28% of McDonald's China and Hong Kong business and continued as a senior advisor to the McDonald's leadership team in the region as they rapidly increased new restaurant openings and sales in the market.

Mr. Siewert is based in Hong Kong and will advise RBI on its business in the Asia-Pacific region, including new master franchise partnerships and attracting top talent in the region to join the Company.

"I have tremendous respect for Patrick. I know we will benefit tremendously from his advice, knowledge, and deep network of relationships in the Asia-Pacific region," said Patrick Doyle, Executive Chairman of RBI.

"We all view the Asia-Pacific region as one of the largest growth opportunities for our brands in the coming years. I'm excited and thankful that Patrick has agreed to join us as a Senior Advisor to help us realize our many opportunities in the region," said Josh Kobza, CEO of RBI.

RBI had more than 4,500 restaurants in Asia as of December 31, 2023, including more than 2,300 in China. Burger King, Tim Hortons and Popeyes all have restaurants in Asia, with plans to introduce Firehouse Subs in the coming years.

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS^®, BURGER KING^®, POPEYES^®, and FIREHOUSE SUBS^®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

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SOURCE Restaurant Brands International Inc.

FAQ

Who is Patrick Siewert and what is his new role in RBI?

Patrick Siewert has been appointed as Senior Advisor for RBI in the Asia-Pacific region.

What is the significance of Patrick Siewert's appointment to RBI?

Patrick Siewert brings extensive experience from Carlyle Group and Coca-Cola, and will advise on franchise partnerships and talent acquisition in Asia-Pacific.

How many restaurants does RBI currently have in Asia?

RBI currently operates over 4,500 restaurants in Asia.

What are RBI's expansion plans in the Asia-Pacific region?

RBI aims to open 7,000 new international restaurants by 2028 in the Asia-Pacific region.

Which brands does RBI plan to introduce in Asia?

RBI plans to introduce Firehouse Subs in the Asia-Pacific region.