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Business

Dunkin’ Brands names David Hoffmann new CEO

By
Reuters
Published July 11, 2018
Updated July 11, 2018, 10:45 a.m. ET

Dunkin’ Brands Group on Wednesday said David Hoffmann would succeed Nigel Travis as chief executive officer effectively immediately.

Travis, who held the post for nearly a decade, will become executive chairman of the board and remain actively involved with the company, which includes the Dunkin’ Donuts coffee chain and Baskin-Robbins ice cream chain.

The company also said Hoffmann will keep his present role as president of Dunkin’ Donuts US.

Hoffmann’s appointment comes at a time when competition between restaurant chains has intensified, especially in the breakfast meal category, with McDonald’s and Burger King offering dollar menus and other low-price deals.

“When we recruited Dave to Dunkin’ Brands 18 months ago with the intent that he would succeed me as CEO, we knew that we were getting a world-class leader with extensive restaurant industry expertise, and he has exceeded all of our expectations,” Travis said.

Under Travis, Dunkin’ has expanded its overseas presence by entering 25 new markets and adding 6,000 restaurants.

Travis also oversaw a successful Nasdaq listing in 2011 and grew the company’s revenue by 60 percent since he took up the role in 2009.

The company’s stock is up nearly three-fold since it debuted at an IPO price of $19.