John Bitove to assume role as Executive Chairman
TORONTO, March 13 /CNW/ - Priszm Income Fund (TSX: QSR.UN) ("Priszm")
today announced changes to its executive Leadership team. Effective at the
Annual General Meeting on April 24, 2008, Jeff O'Neill, currently President
and Chief Operating Officer, will assume the position of Chief Executive
Officer for Priszm Income Fund. Mr. O'Neill has served as President and COO
since May 2005.
Chairman and CEO John Bitove will assume the new role of Executive
Chairman of Priszm Income Fund.
"We are very impressed with Jeff's leadership and are confident that his
broad knowledge and proven capabilities will deliver the high performance our
unitholders expect," said John Bitove. "Jeff has executed decisively and with
his demonstrated abilities in corporate management, I am confident unitholders
will begin to see the positive results in the coming months as he provides
increased focus and effort to diversify and add growth to our current
portfolio of brands and restaurants."
Mr. O'Neill has more than 20 years of senior executive experience in
North America and has an extensive background in operations, marketing and
strategic planning for some of the world's most recognized brand names
including past President of Pepsi Cola Canada as well as senior marketing and
sales positions on Quaker cereals, Snack Foods and Gatorade.
"I am eager and excited by new opportunities that are developing as we
refocus our business and seek opportunities to add truly incremental sales and
profit to Priszm," said Jeff O'Neill.
Appointment of new President KFC/Taco Bell
Priszm also announced today the appointment of Steve Langford as
President, KFC/Taco Bell. Effective immediately, Mr. Langford will now be
responsible for the operation and marketing of the KFC, Taco Bell and Pizza
Hut brands for Priszm. Mr. Langford's prior role as General Manager of UPGC
was to operate the purchasing group for 1,100 Yum! restaurants in Canada. Mr.
Langford started his career in the restaurant business and has had extensive
senior management positions including President of BC Hothouse Foods as well
as senior merchandising roles with Shoppers Drug Mart where he lead the
creation and implementation of its category management function, and with
Loblaws where he worked with Dave Nichol on the President's Choice brand.
"Steve has been with Priszm for five years and understands this business
inside and out," said O'Neill. "He did a fantastic job with realigning our
purchasing group for operational efficiencies and I am confident that he will
play a key role in supporting marketing and operations in satisfying the needs
of today's QSR consumer."
Appointment of new Chief Financial Officer
Priszm also announced today the appointment of Steven Boyack as Chief
Financial Officer effective March 17, 2008. Most recently, Mr. Boyack was the
CFO at West 49 Inc., a rapidly growing, public company listed on the TSX. With
more than 18 years of experience in retail, consumer goods and public
accounting, he has held senior management positions with several leading
retail organizations including Winners and the Hudson's Bay Company.
"Steven has an outstanding track record and I look forward to having him
as a key partner on the business," said O'Neill. "We are confident that his
experience will lend very well to our restructuring, as his background in
finance, strategic planning, information technology, e-commerce and logistics
will be an excellent fit with Priszm's growth strategy moving forward."
Both Steve Langford and Steven Boyack will report to Mr. O'Neill in their
new roles. As part of this announcement Priszm also announced the resignation
of CFO Peter Walkey, who has been Priszm CFO since 2004. He will stay with the
business until the completion of a smooth transition.
"Peter has played a pivotal role in Priszm's success over the past four
and a half years and was instrumental in our transition to an income trust
model," said Bitove. "We thank him for his great contributions during his
tenure and wish him well in his future endeavours."
About Priszm Income Fund
Priszm Income Fund (TSX: QSR.UN) has a 60.2 per cent interest in
Priszm LP, which owns and operates 465 quick service restaurants in seven
provinces across Canada. The KFC, Taco Bell and Pizza Hut restaurants under
Priszm serve 1.5 million customers a week and employ approximately 9,000
people. To find out more about Priszm Income Fund (TSX: QSR.UN), visit our
website at http://www.priszm.com.
For further information:
For further information: Investors - Trish Moran, (416) 739-2906,
firstname.lastname@example.org; Media - Wilcox Group, (416) 203-6666,