KFC vet Cranor to succeed Belatti as chairman of AFC

Nation's Restaurant News, Dec 10, 2007

ATLANTA -- Frank J. Belatti, founder of AFC Enterprises Inc., parent of the 1,881-unit Popeyes Chicken & Biscuits brand, is retiring as chairman of the company to head an investment firm.

AFC board member John M. Cranor, a former leader of Long John Silver's and KFC, will succeed Belatti, according to a Dec. 3 statement that did not specify an effective date.

Belatti launched Atlanta-based AFC in 1992 and was its chief executive until 2005, when became chairman. As CEO he took the company public in March 2001, after developing AFC's brand portfolio to include the Church's Chicken, Cinnabon and Seattle Coffee Co. chains, which together generated about $2.1 billion in annual systemwide sales. AFC has since divested those three brands.

As CEO, Belatti also faced accusations of financial fraud in several shareholder lawsuits. The largest was settled in 2005 for about $15 million. AFC spent years restating its results for the fiscal years 2000 through 2002.

Cranor, who joined AFC's board in November 2006, was president and chief executive of KFC from 1989 to 1994.

AFC's recently appointed chief executive, Cheryl A. Bachelder, also is a veteran of KFC, where she was president and chief concept officer from 2001 to 2003.

Upon leaving AFC, Belatti would be managing partner of Equicorp Partners LLC in Atlanta.

AFC and its franchisees operate Popeyes restaurants in the United States, Puerto Rico, Guam and 24 foreign countries.