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 new concept store and overseen the addition of hundreds of new stores, Dunkin' said.
Hoffmann will succeed Nigel Travis, 68, who is retiring 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 and focusing on developing the international business.
Travis was responsible for taking Dunkin' public in 2011 and has helped grow the company's revenue by 60 percent during his tenure. Since its IPO, shares of the company have risen 271 percent from its initial price of $19 to more than $70.
Travis also has grown the brand by about 6,000 stores, including 2,800 in the U.S. and oversaw Dunkin's return to California. Dunkin' has predominantly been an East Coast brand, with New England as its most highly saturated region.
“When we recruited Dave to Dunkin’ Brands 18 months ago with the intent that he would succeed me as CEO, we knew that we were getting a world-class leader with extensive restaurant industry expertise, and he has exceeded all of our expectations," Travis said.
Before joining Dunkin', Hoffmann spent 22 years at McDonald's, working his way up from an hourly employee to president of the burger chain's high-growth markets, including Asia and Eastern Europe.
Hoffmann was a driving force behind Dunkin's new three-year growth plan, which was laid out during its investor day in February. The company has been slimming down its menu, increasing speed and convenience, and 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 and share repurchases, but revenue was weak and fell below expectations.
Travis blamed stiff industry competition, a promotional environment, inclement weather and the roll out of a simplified menu for the softer-than-expected sales.