BURGER KING CEO LEAVES AS BOARD CONTINUES SEARCH
New Chief Expected to Be Named by Aug. 1
The company announcement confirmed the July 2 AdAge.com story that first reported Mr. Brenneman was the leading candidate for the position.
Now chairman-CEO of Houston-based private equity firm TurnWorks, Mr. Brenneman, 42, is widely known for his turnaround skills, particularly with Continental Airlines. He succeeds Brad Blum, who resigned July 2, citing strategic differences with Burger King's board.
"Greg will provide both the strategic direction and hands-on execution the company needs," the board said in a statement. "He has a talent for creating a great place for people to work and as his track record proves he is passionate about customer service."
Mr. Brenneman in 1994 founded TurnWorks with a structure that allows executives to take on long-term turnaround assignments. He has moved in and out of the company between such assignments, including CEO of PricewaterhouseCoopers Consulting for two months in 2002 before it was purchased by IBM.
His most well-known turnaround was during his tenure as president-chief operating officer of Continental Airlines, whose lead equity sponsor was Texas Pacific Group, which also is the principal owner of Burger King. Mr. Brenneman also is a board member of the Home Depot and Automatic Data Processing.