Boston Pizza Announces Senior Management Change
Mark G. Pacinda to retire as President & CEO of Boston Pizza International Inc. and Director & CEO of Boston Pizza GP Inc. – Jordan Holm named as President
VANCOUVER, Oct. 11, 2017 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") announced today that Mark G. Pacinda will retire from his role as the President & Chief Executive Officer of BPI on October 31, 2017. In conjunction with this departure, Mr. Pacinda will also resign as a Director and the Chief Executive Officer of Boston Pizza GP Inc., the managing general partner of Boston Pizza Royalties Limited Partnership, administrator of the Fund (TSX: BPF.UN) and as an officer of certain subsidiaries of BPI.
Mr. Pacinda joined BPI in 1997 and has held several senior roles within the organization including Executive Vice President, Chief Operating Officer, President and Chief Executive Officer. He has also been a Director and the Chief Executive Officer of Boston Pizza GP Inc. since 2011 and a board member of Restaurants Canada since 2006.
"Mark has made significant contributions during his 20 years with BPI including his leadership role in Boston Pizza's expansion into Ontario, Quebec and the Atlantic provinces and by having Boston Pizza International consistently recognized as one of "Canada's 50 Best Managed Companies." Mark has built an outstanding management team and worked together with them to make Boston Pizza Canada's #1 casual dining brand with more than 380 locations coast-to-coast," said BPI's Chairman and Owner, Jim Treliving. "I want to thank Mark for his years of service and wish him all the best with his retirement plans."
Jordan Holm, currently the Executive Vice President, Marketing and Communications of BPI, will succeed Mr. Pacinda as the President of BPI and as a Director and the President of Boston Pizza GP Inc. Mr. Holm joined BPI in 2006 and has held several senior roles within the organization including Senior Vice President, Investor Relations & Corporate Communications and a Director of the Boston Pizza Foundation.
"We are fortunate to have an experienced and talented executive team at Boston Pizza to step up following Mark's departure. Jordan has distinguished himself in various roles over the last decade with our company and I'm confident that he will lead our organization successfully forward," said Mr. Treliving. "I'm excited about the future opportunities for Boston Pizza."
The Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002. Including the August 2017 distribution which was paid on September 29, 2017, the Fund has delivered 18 distribution increases and 182 consecutive monthly distributions to unitholders totalling $266.6 million or $18.80 per unit since 2002. The Fund earns revenue based on the franchise system sales of the 383 Boston Pizza restaurants included in the Fund's royalty pool.
BPI is Canada's number one casual dining brand with annual gross sales in excess of $1.0 billion serving more than 45 million guests through over 380 mainly franchisee operated restaurants. The Boston Pizza brand has successfully existed for over 50 years since opening its first restaurant in Edmonton, Alberta in 1964. BPI has been recognized as a Platinum Member of Canada's 50 Best Managed Companies and has been a Franchisees' Choice Designation winner for six consecutive years.
Certain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, Boston Pizza Holdings Trust, Boston Pizza Royalties Limited Partnership, Boston Pizza Holdings Limited Partnership, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, Boston Pizza Canada Limited Partnership, Boston Pizza Canada Holdings Inc., Boston Pizza Canada Holdings Partnership, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or management of BPI expects or anticipates will or may occur in the future, including such things as, Mr. Pacinda retiring effective October 31, 2017, Mr. Holm succeeding Mr. Pacinda as the President of BPI and as a Director and the President of Boston Pizza GP Inc. and that Mr. Holm will lead BPI successfully forward are forward-looking information. When used in this press release, forward-looking information may include words such as "is expected", "will", "continue" or "to be" and other similar terminology. Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, distributable cash and reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of BPI and the Fund, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, the Fund and BPI assume no obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and our business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the Fund's Management's Discussion and Analysis for the Period available at www.sedar.com and www.bpincomefund.com.
The Trustees of the Fund have approved the contents of this news release.
SOURCE Boston Pizza Royalties Income Fund