After only 18 months Burger King Corp.’s Chief Executive Officer Brad Blum stepped down from his post. Blum, BK’s eighth CEO in 15 years, was expected to leave the company following weeks of speculation.
The company released a statement explaining Blum’s departure, citing “strategic differences” with the QSR chain’s board of directors. Despite internal differences, Blum succeeded to lead the company to its highest rise in same-store sales in nearly five years.
The search for a replacement has begun and a decision is expected by Aug. 1, Miami-based Burger King said in a statement. The chain’s senior management team, led by finance chief John W. Chidsey, will run the company in the interim. Chidsey may also be considered a candidate to fill the vacant CEO position.
Blum joined Burger King in December 2002 after helping to build Darden Restaurants’ Olive Garden brand. Burger King reported same-store sales rose 7.5% in May 2004, the highest jump since November 1999. Burger King has more than 11,220 restaurants worldwide and sales of $11.1 billion in the fiscal year ended June 30, 2003.
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