Recently, Bloomberg Businessweek has come up with a cover story titled “Burger King Is Run by Children,” which details the story of Burger King Worldwide Inc (NYSE:BKW)’s new CEO, Daniel Schwartz, along with the other young members of the company’s top management.
The writer of the cover story, Devin Leonard, has discussed about it and about the top management of Burger King Worldwide Inc (NYSE:BKW) on Bloomberg’s program, ‘In the Loop’.
“Here is a 33-year-old CEO in-charge of Burger King […] He’s a guy who went to Cornell, he grew up on Long Island and he spent about a year, sorry, a decade on Wall Street, and he went up working for 3G [3G Capital Management LLC], the Brazilian private equity firm and this is sort of out of their playbook, they put young people in top positions on the companies that they buy and I guess he is sort of, set the record. I mean he is, was 32 when [he was appointed as the CEO],” Leonard said.
The team that Daniel Schwartz is heading as the CEO of Burger King Worldwide Inc (NYSE:BKW) is also very young. Mr. Leonard remarked that the CFO of the company, Joshua Kobza, is 27 years old. He also considers that the young management of Burger King Worldwide Inc (NYSE:BKW) has actually proven beneficial for the company, as is evident from their first quarter results and the fact that, 3G Capital Management LLC bought the company for $4 billion, while Burger King Worldwide Inc (NYSE:BKW) currently has a market cap of more than $9 billion.
“Burger King is growing, like McDonalds, like Wendy’s. Everybody is having a tough time in North America, but one of the things that Burger King has done and Daniel Schwartz, the CEO sort of of orchestrated all these deals, but they found all these franchisees in other countries and ‘money people’ and basically they are growing overseas, even though North America is kind of flat,” Leonard added.