Dunkin’ Brands Group (DNKN), the parent of two fast-food restaurant companies Dunkin’ Donuts (DD) and Baskin-Robbins (BR) named Dave Hoffmann as its new CEO with immediate effect. The outgoing CEO Nigel Travis is retiring from the company and has been appointed Executive Chairman of the Board of Directors.
Hoffman joined Dunkin’ in late 2016 as President of Dunkin’ Donuts. Before joining the doughnut and coffee chain, he was working in McDonald’s (MCD) as President, High Growth Markets. When he left McDonald’s, it was reported that he lost above $20 million of his compensation since he didn’t sign the non-compete agreement.
Nigel Travis, who has been working as the CEO of Dunkin’ for almost a decade, will be retiring as the CEO and will remain active with the company as Executive Chairman. The company went public in 2011 under his leadership and has given back about $2.7 billion to shareholders since that time. In his new role, Travis will look after the development of the holding restaurant company’s international businesses.
The Canton, Massachusetts-based company is planning to conduct a conference call today at 4:30 PM ET to discuss the management change. Shares of Dunkin’, which inched up 0.6% on Tuesday, slipped about 1% before the bell today after the announcement. However, the stock turned to green when the market opened today.