David Hoffmann has been named CEO of Dunkin’ Brands, the company announced Wednesday.
Hoffmann, 50, joined Dunkin’ Brands as president of Dunkin’ Donuts U.S. in 2016. He has led all aspects of the company’s U.S. business, as well as spearheaded the coffee chain’s fresh concept store in addition to overseen the addition of hundreds of fresh stores, Dunkin’ said.
Hoffmann will succeed Nigel Travis, 68, who is usually retiring coming from his role as CEO. Travis has held the position since 2009. He will remain involved with the company, serving as executive chairman of the board in addition to focusing on developing the international business.
Travis was responsible for taking Dunkin’ public in 2011 in addition to has helped grow the company’s revenue by 60 percent during his tenure. Since its IPO, shares of the company have risen 271 percent coming from its initial cost of $19 to more than $70.
Travis also has grown the brand by about 6,000 stores, including 2,800 within the U.S. in addition to oversaw Dunkin’s return to California. Dunkin’ has predominantly been an East Coast brand, with fresh England as its most highly saturated region.
“When we recruited Dave to Dunkin’ Brands 18 months ago with the intent of which he could succeed me as CEO, we knew of which we were getting a world-class leader with extensive restaurant industry expertise, in addition to he has exceeded all of our expectations,” Travis said.
Before joining Dunkin’, Hoffmann spent 22 years at McDonald’s, working his way up coming from an hourly employee to president of the burger chain’s high-growth markets, including Asia in addition to Eastern Europe.
Hoffmann was a driving force behind Dunkin’s fresh three-year growth plan, which was laid out during its investor day in February. The company has been slimming down its menu, increasing speed in addition to convenience, in addition to focusing more on its beverages than its food.
Shares of Dunkin’ were up slightly midday Wednesday.
Hoffmann takes the reins ahead of Dunkin’s second-quarter earnings report. In first quarter, the company outpaced analyst expectations on the bottom line, helped by a lower tax rate in addition to share repurchases, although revenue was weak in addition to fell below expectations.
Travis blamed stiff industry competition, a promotional environment, inclement weather in addition to the roll out of a simplified menu for the softer-than-expected sales.
The coffee in addition to doughnut chain has been pressured by competitors such as McDonald’s, Burger King in addition to Starbucks, to make itself known for more than just doughnuts.