Burger King Begins Reshuffling

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Burger King Begins Reshuffling

02/27/2002
MIAMI -- Burger King, the world's second largest hamburger chain, restructured its finance division in preparation for a sale or spin-off by its corporate parent.

Burger King -- currently owned by Britain's Diageo Plc -- said it hired Sheila Reinken as vice president of finance to oversee the company's consolidation, cash- management, tax and other operations.

Diageo is currently weighing a decision on whether to spin off or sell Burger King, which has steadily been losing market share to top rivals McDonald's Corp. and Wendy's International Inc. The company next week plans to begin officially soliciting bids for the operation, which analysts and bankers believe could draw between $2 billion and $3 billion, next week.

Reinken's hiring comes amid a massive internal effort to overhaul Burger King's menu and marketing efforts to focus more on quality and revitalize the company's sales.