Burger King's Malamatinas Steps Down

Burger King CEO Dennis Malamatinas announced on June 22 that he will step down from his position. According to a report from Salomon Smith Barney, the executive's last day will be August 30. Malamatinas has expressed that he would like to spend more time with his family in the U.K.

Turbulence in upper-level management has been apparent recently. In January, Burger King president Paul Clayton resigned to become head of Jamba Juice Company, shifting responsibility for North American management to Malamatinas. Salomon Smith Barney reports that the new CEO will not be named until spring 2001, and will likely be an outsider.

The company simultaneously announced that it plans to float stock on the New York Stock Exchange, although no definite time frame has been set.

Burger King announced the previous evening, June 21, that it will launch a test run of its new 99-cent menu items, coined "BK Cravers Menu." Presumably a positive test run will result in nationwide expansion of the new line.

Burger King is a Diageo brand.