Chris k Taking control of the system
Over the past year, a record 400 franchisees have left the system, representing nearly 1,800 locations—or about 13% of the chain's more than 13,000 franchisee-owned locations.
McDonald's is buying out Caspers Company, one of the chain's largest, oldest, and best-known operators, the franchisee confirmed in an email on Monday to restaurant Business. Caspers Company's CEO is Blake Casper, who has served in several internal leadership roles and was instrumental in the 2018 formation of the National Owners Association, McDonald's independent franchise organization. He has served as its chairman ever since. Caspers Company operates 60 locations in Tampa and Jacksonville, Fla. Terms of the deal or what McDonald's plans to do with the restaurants after it acquires them. The deal is expected to be complete by October 1, after which Casper and his brother-in-law, Robby Adams, will retire. In 2018, Casper called an owner-only meeting in Tampa to discuss challenges at the Company. The meeting invite, which went out to 40 owners, quickly spread to more than 400. The meeting led to a more critical meeting eight weeks later that was attended by 1,200 franchisees and led to the creation of NOA. "The NOA wouldn't be here today without the risk Blake took," the association's board said in a message to its members, seen by Restaurant Business. Some operators, however, have wondered whether McDonald's was working to buy out some of the Company's critics. NOA has helped lead an outcry from operators over various topics, from remodels to a tech fee to recent changes in ownership rules. The most recent changes have led at least one franchisee group, the National Black McDonald's Operators Association, to vote for no confidence in CEO Chris Kempczinski.
PLAY's Overhaul
Ahead of the analyst day, PLAY announced a series of executive appointments to form a new leadership team. The announcement comes following the Company's recent Main Event Entertainment, Inc. acquisition on June 29, 2022. The appointments take effect on August 1, 2022, and the incumbent leaders of both brands will stay on for the next several weeks to assist with integration and a smooth transition. The senior leadership team will include the following individuals:
- Antonio Bautista, Chief International Development Officer
- Rob Edmund, Chief People, and Legal Officer
- Steve Klohn, Chief Information Officer
- Les Lehner, Chief Procurement Officer and Head of Main Event Development
- John Mulleady, Chief Development Officer
- Michael Quartieri, Chief Financial Officer
- Tony Wehner, Chief Operating Officer
- Ashley Zickefoose, Chief Marketing Officer
Dave & Buster's also disclosed in an 8-K filed yesterday the Company entered into an amendment and restatement of the cooperation letter agreement with Hill Path Capital LP and James Chambers. Among other things, the agreement modifies certain of the standstill restrictions applicable to Hill Path, including prohibiting Hill Path from acquiring more than 20.0% of the outstanding shares (including economic exposure via derivatives) so long as James Chambers or another director designated by Hill Path serves on the board of the Company and for ten days after that. Hill Path also agrees to vote its shares over 15.0% of the Company's outstanding shares, if any, in the same proportion as the votes of the non-Hill Path shares. As part of the agreement, the Company has permitted Hill Path to acquire, whether in a single transaction or multiple transactions from time to time, additional shares of the Company's common stock to the extent such acquisitions would result in Hill Path having beneficial ownership of less than 20.0% of the outstanding shares without triggering the restrictions on a subsequent business combination with Hill Path that would otherwise be imposed under Section 203 of the Delaware General Corporation Law.
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