(Reuters) - Dunkin’ Brands Group Inc (DNKN.O) said on Friday that Neal Yanofsky is leaving after just four months as its international president.
“We mutually agreed that this was not a good fit for Neal or Dunkin’ Brands, and we will not disclose any further details,” a company spokesman said.
The owner of the Dunkin’ Donuts and Baskin-Robbins chains, which went public in July, said it was searching for a replacement.
Meanwhile, Dunkin’ Donuts International will report to Chief Executive Nigel Travis, and Baskin-Robbins International will report to Chief Financial Officer Neil Moses.
Not too long ago, CEO Travis praised Yanofsky.
“Neal is a strategic thinker with a demonstrated ability to build successful companies,” Travis said in a May 10 statement announcing Yanofsky joining the company. “His vast knowledge of operations, finance and marketing make him ideally suited to lead our international operations, drive profitable growth and enhance support for our franchisees around the world.”
Yanofsky previously was CEO of Generation Mobile, a venture-backed retailer of wireless products and services. Before that, his roles included president of Panera Bread Co PNRA.O, where Dunkin’ said he helped more than double the number of restaurants in five years, and chief marketing officer of Au Bon Pain.
“While we’re disappointed by the news given Yanofsky’s extensive retail and restaurant experience, the catalyst for the departure seems to be cultural differences rather than disappointing performance at the (international) segment,” said Barclays Capital analyst Jeffrey Bernstein.
Dunkin’ on Friday announced marketing changes designed to support its international growth efforts. It also repeated plans to add 450 to 500 net new Dunkin’ Donuts stores and Baskin-Robbins ice cream stores outside the United States this year to the almost 7,000 international spots already in existence.
There are now roughly 3,000 Dunkin’ Donuts outlets and more than 2,500 Baskin-Robbins shops outside the United States.
Dunkin’ Donuts sells coffee and other beverages as well as doughnuts, bagels, sandwiches and other foods. It competes with Starbucks Corp (SBUX.O) and McDonald’s Corp (MCD.N) — two popular and well-run chains — around the globe.
Bernstein said he did not expect Yanofsky’s departure to have a material impact on Dunkin’ Brands’ third-quarter results, which are expected to be reported in late October.
The division Yanofsky led has traditionally contributed only a fraction of company revenue.
For the second quarter ended June 25, Dunkin’ Donuts International had revenue of $3.8 million, accounting for just over 2 percent of the company’s total revenue of $157.0 million. Baskin-Robbins International, on the other hand, had revenue of $27.4 million during the quarter.
Chief Global Marketing and Innovation Officer John Costello will assume direct responsibility for worldwide marketing and product innovation for both brands. Paul Reynish, formerly Baskin-Robbins international marketing vice president, was promoted to chief marketing officer of Dunkin’ Brands International, reporting to Costello.
Shares of Dunkin’ were down 0.7 percent at $27.13 on Friday afternoon.
Reporting by Jessica Wohl in Chicago and Lisa Baertlein in Los Angeles, editing by Gerald E. McCormick, Lisa Von Ahn and Matthew Lewis