AFC's Board Appoints Kenneth Keymer as CEO Effective September 1, 2005
Belatti Continues as Chairman of the Board
AFC Enterprises, Inc. (Nasdaq: AFCE), the franchisor and operator of Popeyes® Chicken & Biscuits, announced that its Board of Directors has appointed Kenneth Keymer, the current President of Popeyes, as the Company's Chief Executive Officer effective September 1, 2005. Mr. Keymer will succeed Frank Belatti, the Company's founder, who will continue as Chairman of the Board of Directors.
Keymer, age 57, is a 25-year restaurant industry veteran who has served as President of Popeyes since June 1, 2004. Since joining Popeyes, Keymer has been instrumental in driving the brand's improved performance including positive comparable same-store sales, building a new management team to execute and accelerate the brand's growth initiatives, reducing development costs for new units by over 10 percent and re-imaging expenses by approximately 30 percent, and improving the pipeline predictability for new restaurant openings.
"Ken is a highly regarded leader with an impressive track record of growing brands through his extensive operational and strategic experiences. Popeyes continues to benefit from Ken's sector expertise, proven commitment to franchisees and overall business success. We have great confidence in his ability to lead the Company into the future," stated Frank Belatti.
Prior to Popeyes, Keymer served as Co-chief Executive Officer and Member of the Board of Directors of Noodles & Company. From 1996 to 2002, he held the title of President and Chief Operating Officer at Sonic Corporation and was a member of the Board of Directors. He also held senior positions at Taco Bell, Boston Chicken and Perkins Family Restaurants.
Frank Belatti will continue his role as AFC's Chairman of the Board. Belatti founded AFC in 1992 and navigated the Company through significant new unit growth, the acquisition of Cinnabon and Seattle Coffee Company in 1998, AFC's IPO in March 2001, the comprehensive review of the Company's portfolio and the ultimate closing of AFC's corporate center. Over the past year, Belatti led AFC's exploration of strategic alternatives for Church's Chicken and Cinnabon resulting in the sale of these businesses that contributed to AFC's declaration of a $12.00 per share dividend payable on June 3, 2005 to stockholders of record at the close of business on May 23, 2005.
"I look forward to working closely with Frank and the Board to continue making Popeyes a highly differentiated brand with significant growth opportunities," stated Ken Keymer. "We are well positioned to succeed with our strong franchise system, focused leadership, extensive unit expansion opportunities, low capital requirements and unique brand positioning with strong product elasticity."
Corporate Profile
AFC Enterprises, Inc. is the franchisor and operator of Popeyes® Chicken & Biscuits, the world's second-largest quick-service chicken concept based on number of units. As of April 17, 2005, Popeyes had 1,818 restaurants in the United States, Puerto Rico, Guam and 25 foreign countries.
Keymer, age 57, is a 25-year restaurant industry veteran who has served as President of Popeyes since June 1, 2004. Since joining Popeyes, Keymer has been instrumental in driving the brand's improved performance including positive comparable same-store sales, building a new management team to execute and accelerate the brand's growth initiatives, reducing development costs for new units by over 10 percent and re-imaging expenses by approximately 30 percent, and improving the pipeline predictability for new restaurant openings.
"Ken is a highly regarded leader with an impressive track record of growing brands through his extensive operational and strategic experiences. Popeyes continues to benefit from Ken's sector expertise, proven commitment to franchisees and overall business success. We have great confidence in his ability to lead the Company into the future," stated Frank Belatti.
Prior to Popeyes, Keymer served as Co-chief Executive Officer and Member of the Board of Directors of Noodles & Company. From 1996 to 2002, he held the title of President and Chief Operating Officer at Sonic Corporation and was a member of the Board of Directors. He also held senior positions at Taco Bell, Boston Chicken and Perkins Family Restaurants.
Frank Belatti will continue his role as AFC's Chairman of the Board. Belatti founded AFC in 1992 and navigated the Company through significant new unit growth, the acquisition of Cinnabon and Seattle Coffee Company in 1998, AFC's IPO in March 2001, the comprehensive review of the Company's portfolio and the ultimate closing of AFC's corporate center. Over the past year, Belatti led AFC's exploration of strategic alternatives for Church's Chicken and Cinnabon resulting in the sale of these businesses that contributed to AFC's declaration of a $12.00 per share dividend payable on June 3, 2005 to stockholders of record at the close of business on May 23, 2005.
"I look forward to working closely with Frank and the Board to continue making Popeyes a highly differentiated brand with significant growth opportunities," stated Ken Keymer. "We are well positioned to succeed with our strong franchise system, focused leadership, extensive unit expansion opportunities, low capital requirements and unique brand positioning with strong product elasticity."
Corporate Profile
AFC Enterprises, Inc. is the franchisor and operator of Popeyes® Chicken & Biscuits, the world's second-largest quick-service chicken concept based on number of units. As of April 17, 2005, Popeyes had 1,818 restaurants in the United States, Puerto Rico, Guam and 25 foreign countries.
