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Burger King loses its chief executive

MIAMI, April 7 (UPI) -- The head of Miami-based Burger King is resigning just as the restaurant chain prepares for an initial public offering.

Greg Brenneman, who took over Burger King in August 2004 and had a contract to work until August 2007, is returning to his private equity firm, TurnWorks, to pursue business turnarounds, the Miami Herald reported.

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Meanwhile, Burger King plans to raise as much as $400 million in its IPO.

John Chidsey, Burger King's president and chief financial officer, will take over as chief executive immediately. Brian Swette, an independent member of Burger King's board of directors, will serve as a non-executive chairman.

Before Burger King, Chidsey served as chairman and chief executive of two corporate divisions at Cendant: one that includes Avis Rent A Car and Budget Rent A Car Systems, and one that includes tax preparer Jackson Hewitt.

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