Burger King Holdings, Inc. (NYSE:BKC) announced today that it has made several changes to its board of directors. The private equity funds controlled by TPG Capital, Bain Capital Partners and the Goldman Sachs Funds, which purchased the company in December 2002, now own approximately 32% of BKC shares outstanding. Based on this reduced level of ownership, three of their representatives on the board of directors have elected to resign effective June 30, 2008: David Bonderman, TPG Capital;Andrew Balson, Bain Capital Partners;and Adrian Jones, the Goldman Sachs Funds. Brian Swette, the company's non-executive chairman, has also resigned his position as chairman effective June 30, 2008 and will continue to serve as a director on the company's board. Effective July 1, 2008, there will be 10 directors on the company's board.
In light of Mr. Swette's resignation as non-executive chairman, the board has appointed John Chidsey, the company's chief executive officer (CEO), as chairman and CEO effective July 1, 2008. Chidsey commented, "I am pleased and honored to now serve as BKC's chairman and CEO and I thank the board of directors for both their support and confidence. I look forward to continuing to lead this great brand into the future, taking advantage of our vast growth opportunities. I would also like to thank David, Andrew and Adrian for their leadership and the support they have given to our team and the company over the past five and a half years."
