Dunkin' Brands Chairman Luther retiringAP , Associated Press
May. 10, 2013 7:02 AM ET
CANTON, Mass. (AP) — Dunkin' Brands Group Inc. Chairman Jon Luther is retiring and will be succeeded in the post by CEO Nigel Travis.
The parent company of Dunkin' Donuts and Baskin-Robbins said Friday that Luther's retirement is effective on Wednesday. Travis will continue as CEO.
Luther, 69, started at Dunkin' Brands in January 2003 as its CEO. He became chairman in 2006. Travis took over as CEO in January 2009.
Dunkin' Brands also named Raul Alvarez, former president and chief operating officer of McDonald's Corp., as lead independent director. The 57-year-old Alvarez has served as a Dunkin' Brands board member since May 2012.
Last month Dunkin' Brands reported that its first-quarter earnings fell 8 percent as a refinancing charge and higher interest costs offset revenue gains from franchise growth. Adjusted results met analysts' estimates, and revenue topped Wall Street's expectations.
Dunkin' Brands, based in Canton, Mass., had more than 10,500 Dunkin' Donuts restaurants and more than 7,000 Baskin-Robbins locations at the first quarter's end.
Its shares finished at $40.46 on Thursday. They have traded in a 52-week range of $27.93 to $41.35.