Jollibee Foods Corporation and Smashburger announced key senior management changes reflecting the anticipated synergies between the two entities predicated on JFC's newly acquired majority interest in Smashburger. The company spent $10 million to acquire the remaining 15 percent of the burger chain’s shares. Smashburger has 351 stores and accounts for 7 percent of Jollibee's systemwide sales, were $3.4 billion last year.
This past February, JFC announced it was taking a $100 million stake in Smashburger, which brought its ownership from 45 percent to 85 percent.
Jose "Pepot" Miñana has assumed the role of President of Smashburger. Miñana will oversee the daily operations of the company, collaborate on strategic and brand direction, and lead the continuous efforts to integrate Smashburger into the JFC portfolio of companies/brands. Miñana has held numerous senior management positions over his multi-decade tenure with JFC, most recently President of JFC North America.
Tom Ryan, Smashburger founder and CEO, will take on the additional title of Chief Product Development Advisor of JFC Global. In this new capacity, Ryan will focus on strengthening taste and quality aspects across key JFC brands as well as enhancing JFC brands' relevance across global markets.Ryan remains Smashburger CEO, focused on brand vision, strategy, product, and public relations.
In September, JFC bought a 47 percent stake in Tortas Frontera. JFC is the largest foodservice company in Asia and as of September 30, was operating 3,003 restaurant outlets in the Philippines: Jollibee brand—1,110, Chowking—551, Greenwich—279, Red Ribbon—446, Mang Inasal—518, Burger King—98 and PHO24—1. Abroad, it was operating 1,345 stores: Yonghe King (China)—314, Hong Zhuang Yuan(China) —42, Dunkin' Donuts (China)—14, Jollibee—222 (Vietnam—107, Brunei—16, Hong Kong—8, Singapore—6, Macau— 1, United States—37, Canada—4, Saudi Arabia—13, UAE—14, Qatar—7, Kuwait—6, Bahrain—1, Oman—1, Italy—1), Red Ribbon in the U.S.—32, Chowking—47 (US—15, UAE—21, Qatar—4, Oman—2, Kuwait—3, and Saudi Arabia—2), Highlands Coffee—291 (Vietnam—253, and Philippines—38), PHO24—33 (Vietnam—17, Indonesia—16), Hard Rock Café—8 (Vietnam—2, Hong Kong—3, and Macau—3) and Smashburger—342.