Mr. Formanek's Consumer Expertise and His Experience With Large Brand-Name
Retail Companies Will Bring Important Additional Perspective to the Board
MIAMI, Nov. 19 /PRNewswire/ -- Burger King Corporation today announced the
election of Peter R. Formanek to its Board of Directors.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031014/BKLOGO )
Mr. Formanek has a successful track record working with large,
retail-focused brand-name corporations. Currently he serves on the Board of
Directors for Borders Group (NYSE: BGP), The Sports Authority (NYSE: TSA) and
Perrigo Company (Nasdaq: PRGO) and previously served as a director of AutoZone
(NYSE: AZO), which he co-founded in 1979.
"Peter Formanek is respected because of his core values and his ear-to-
the-ground understanding of the needs of independent owner/operators and
retail store managers," said Brad Blum, chief executive officer, Burger King
Corporation. "His values, insight and ability to communicate both individually
and across large retail operations have made him an effective leader and a
valuable addition to our board."
"I am pleased to have been elected to the Board of Burger King Corporation
and look forward to working with Brad Blum, the Executive Leadership Team and
the Board of Directors," said Mr. Formanek. "I am impressed with the progress
the Company is making in its turnaround effort under Brad Blum's leadership
and hope to use my experience to help continue this momentum."
Mr. Formanek co-founded AutoZone (AZO) as a division of food wholesaler
Malone & Hyde, a NYSE company, and today, the company has more than 3000
stores nationwide. Mr. Formanek was a leader of a management group that took
Malone and Hyde private in 1984, after which they gradually sold off the food
and various other businesses and focused on AutoZone, which became a public
company in 1991.
At AutoZone, Mr. Formanek nurtured a culture of customer satisfaction that
vaulted the company to become the runaway leader in the retail auto parts
industry. Additionally, he emphasized corporate values, which said,
"AutoZoners put customers first, provide the best merchandise at the right
price and know their products and parts." Mr. Formanek typically spent one-
third of his time visiting stores and often made key business decisions in the
stores.
"Mr. Formanek's background in the wholesale grocery industry has also
given him a deep admiration for the entrepreneurial ability of individual
owner/operators. This perspective should enable us to better serve our
franchisees," said Mr. Blum.
After completion of his M.B.A. from Harvard Business School, Mr. Formanek
began his career as a Woodrow Wilson teaching fellow at the historically black
LeMoyne-Owen College. He served as a trustee of LeMoyne-Owen College for 28
years and is currently a Trustee Emeritus. He currently serves as a trustee
of Memphis College of Arts.
The Burger King Corporation Board of Directors is comprised of members
from the Burger King Corporation Executive Leadership Team, the Equity Sponsor
Group as well as independent outside directors:
Burger King Corporation: Bradley D. Blum, Robert T. Nilsen
Texas Pacific Group: David Bonderman, Richard W. (Dick) Boyce, Jonathan J.
Coslet
Bain Capital: Stephen G. Pagliuca, Andrew B. Balson, Philip H. Loughlin
Goldman Sachs Capital Partners: Richard Friedman, Sanjeev K. Mehra, Adrian
Jones
Outside directors: Brian Swette, David A. Brandon, M.A. (Manny) Garcia
III, Peter R. Formanek
About Burger King Corporation
We Take Pride in Serving Our Guests the Best Burgers and a Variety of
Other Great-Tasting, Healthy Foods Cooked Over an Open Fire. That's What We're
All About.
The BURGER KING system operates more than 11,350 restaurants in all 50
states and in 58 countries and territories around the world. Ninety-one
percent of BURGER KING restaurants are owned and operated by independent
franchisees, many of them family-owned operations that have been in business
for decades.
Burger King Holdings, Inc., the parent company, is private and
independently owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners. In fiscal year ending
June 30, 2002, BURGER KING had system-wide sales of $11.3 billion.
To learn more about BURGER KING, please visit the company's website at
http://www.burgerking.com .
SOURCE Burger King Corporation
 back to top
Related links:
http://www.burgerking.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20031014/BKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/124650.html
CONTACT:
Rob Doughty of Burger King Corporation,
+1-305-378-3577, or email, rdoughty@whopper.com
|
