Yesterday we posted a story on Pattye Moore's resignation as President of Sonic Corp., and today two more resignations have been announced. After a difficult year dealing with accounting issues, de-listing from NASDAQ and shareholder lawsuits, AFC Enterprises' President and COO Dick Holbrook announced his resignation effective at the end of this year. Mr. Holbrook was a founding principal of AFC in 1992. AFC currently owns three franchise brands -- Church's Chicken, Popeye's Chicken & Biscuits and Cinnabon. The company recently announced the sale of Cinnabon to Carvel Corp.'s parent company, Roark (see blog entry for September 9) and last year sold its U.S. franchise rights for Seattle's Best Coffee to Starbucks (see blog entry for July 15). Holbrook, like Moore, will remain on the company's board of directors into 2005.
In a less cordial fashion, InterContinental Hotels Group. PLC announced that its CEO, Richard North, will quit at the end of this month because he is not "the right person to lead it as it switches its strategic focus to developing its brands from selling off assets," according to this article from the Miami Herald. North, however, appears to agree. According to a written statement he issued, "someone else whose whole business background has been developing and managing brands may be better placed to ensure the company . . . creates maximum value for shareholders." InterContinental is the umbrella for a number of hotel brands operated or franchised by InterContinental's affiliates, including Crowne Plaza, Holiday Inn and Candlewood Suites.