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So Burger King's CEO is 33 years old and their CFO is 28 years old
Posted on 7/25/14 at 11:57 am
Posted on 7/25/14 at 11:57 am
quote:
Burger King's 33-year-old CEO has helped engineer a total restructuring of the burger chain in just 13 months on the job.
After surrounding himself with an equally young management team — including a 28-year-old chief financial officer — Daniel Schwartz has helped turn the struggling burger chain into a "cash machine," Devin Leonard writes for Bloomberg Businessweek's newest cover story.
"These days ... Burger King is behaving more like a startup than a typical burger chain," Leonard writes.
Perhaps that's because this is Schwartz's first job in the fast-food industry. Before Burger King, he was an analyst at Credit Suisse in Boston, and more recently, he worked for 3G Capital, the Brazilian private equity firm that bought Burger King in 2010.
It's uncommon to find a CEO of a large public company as young as Schwartz. After Facebook's Mark Zuckerberg, he would be the youngest CEO of the Fortune 1000, if Burger King made that list, Leonard points out.
Having no experience in the industry, Schwartz spent his first couple of months training in Burger King restaurants — cleaning toilets, making burgers, and interacting with customers.
His experience led him to believe that the complicated menu was slowing down orders. So he simplified the burger chain's offerings to include dishes that are easier to assemble.
LINK
What were you doing at 28 or 33?
This post was edited on 7/25/14 at 2:54 pm
8
Posted on 7/25/14 at 12:07 pm to euphemus
quote:
His experience led him to believe that the complicated menu was slowing down orders. So he simplified the burger chain's offerings to include dishes that are easier to assemble.
Yet, their POS machines don't auto combo. You go in and order a number 5, they either turn around and look at the menu, or have a sheet that has what the combo is.
If their machine would just let them input a number 5, it would make the process so much better. It seems so obvious it's stupid it's not done yet.
Posted on 7/25/14 at 12:23 pm to euphemus
Posted on 7/25/14 at 12:39 pm to euphemus
Yeah just saw this on yahoo. How the frick does that kid get CFO or CEO that young...crazy as frick. Would love to hear the story.
Posted on 7/25/14 at 1:07 pm to AUtigerNOLA
quote:
Yeah just saw this on yahoo. How the frick does that kid get CFO
I know one thing. I had no business sitting in the financial driver seat of a 2 billion dollar company at 28.
But, BK's financials are
. It's like jumping on a sinking ship. At 28, having that on the resume is 
, and if it keeps tumbling, well people say it had no chance. And if you patch the holes, you just cashed in.
Posted on 7/25/14 at 1:12 pm to euphemus
quote:
urger King's 33-year-old CEO has helped engineer a total restructuring of the burger chain in just 13 months on the job.
Pretty fricking impressive to get to that point that quickly... But in all honesty, he better turn that shite around with the quickness. BK IMO is by far the worst fast food company out there. They are absolutely terrible. I used to think it was between Taco Hell and them, but recently, it seems like Taco Bell has made the right moves.
Posted on 7/25/14 at 1:18 pm to AUtigerNOLA
quote:
How the frick does that kid get CFO or CEO that young...
I don't know his personal story, but really young CEOs that don't start their own companies all follow the same path:
Child of very successful businessman or businesswoman - has a rolodex of amazing contacts
Highly successful at a prestigious prep school, followed by highly successful at a top-flight college, followed by highly successful Stanford or Harvard MBA
Gets job working in investment banking dealing with M&A. Works 100 hours per week first few years.
Gets noticed, gets into Hedge Fund, continues working insane hours, gets promoted in Hedge Fund
Gets placed as COO or something similar in hedge fund portfolio company
Posted on 7/25/14 at 1:23 pm to southernelite
quote:
Yet, their POS machines don't auto combo. You go in and order a number 5, they either turn around and look at the menu, or have a sheet that has what the combo is.
That'll come with time. I worked at a Sonic during high school. You'd input your main item, side item, drink, then hit the combo number that would assign the "discount" to bring the total to what the customers saw on the menu.
Two reasons for this that I saw:
1) The combo price on the menu was for a standard burger/sandwich, fries/tots, standard drink. If you upsized, or got a shake/different drink with your meal, the menu price would no longer apply. Having it setup where the cashier just pushes #5, doesn't allow for much flexibility when you're adding upsell items to your meal.
2) Being able to enter the items individually then assigning a combo "discount" at the end, allows the order entry process to be more accurate as it pertains to additions/substitutes to sandwichs, sides and drinks.
Honestly, it's set up the way it is to "idiot proof" the system for the customers...not the workers.
ETA: In my experience within the service industry, customers are entirely more inept than most bad employees.
This post was edited on 7/25/14 at 1:27 pm
Posted on 7/25/14 at 1:25 pm to LSUFanHouston
Yep. Cornell Alum. Worked at Hedge Fund in Boston and NYC.
Posted on 7/25/14 at 1:26 pm to Ace Midnight
It's all about the sesame seeds.
Posted on 7/25/14 at 1:29 pm to LSUFanHouston
Looks like you nailed it with this guy.
Posted on 7/25/14 at 5:57 pm to euphemus
A lot of companies are restructuring like this. Enough that it is fairly easy to come up with a plan. Not to say this guy didn't do a good job executing it. I just got back from my company's annual convention where they lauded how our numbers and market share are up and that Wall Street has graded our bonds at investment grade. They are essentially looking to take us public. Anyways, a lot of what they have done were things we were saying needed to be done awhile back. Guys with high school diplomas were able to figure it out.
Posted on 7/25/14 at 6:23 pm to euphemus
quote:
Having no experience in the industry, Schwartz spent his first couple of months training in Burger King restaurants — cleaning toilets, making burgers, and interacting with customers.
Shows initiative.
Posted on 7/25/14 at 7:17 pm to kywildcatfanone
quote:
Shows initiative.
He probably made more than the entire staff combined.
Posted on 7/25/14 at 8:01 pm to AUtigerNOLA
Good for them. I lived near one and was forced to go there at times. It was absolutely the worst run chain in America. So bad I asked how I could contact corporate. They gave me a number on the back of receipts that only a machine would answer. If you were the second car at the drive thru, 10 minutes was normal! It's like a burger order caught them off guard.
Posted on 7/25/14 at 8:18 pm to euphemus
Haven't seen any "changes" in LA in the past year...
Posted on 7/25/14 at 8:40 pm to jmarto1
You guys are still privately owned? I would have thought different
Posted on 7/25/14 at 9:42 pm to yellowfin
quote:
You guys are still privately owned? I would have thought different
I work for a franchise but as far as Hooters of America, yes they are. The story I heard was the Colby Brooks was forced to sell to settle something with his father's wife after he died. He didn't want to go to Twin Peaks but was forced to. We were picked up by a group that essentially flips chains. They found out we weren't the usual 8 year flip. Started making changes that many of us knew needed to happen.
Posted on 7/26/14 at 8:12 pm to jmarto1
Just turned 31 so I have a couple years
Posted on 7/26/14 at 8:58 pm to barry
(no message)
This post was edited on 8/31/19 at 2:54 am
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