Welcome to the first meeting of the Draft Cheryl Bachelder Project. Our intent: To end the restaurant industry’s leading guessing game, now that the former top infatuation—speculating on who’ll be drafted as Chipotle’s next CEO—is officially over. The new question of the moment: Who’ll be the new CEO of Taco Bell?
But in our minds, it’s game over. Just make the announcement of Cheryl Bachelder’s selection. It’s merely a matter of getting buy-in from the board of Yum Brands, Taco Bell’s parent.
If you’re not familiar with Bachelder, you’ll likely have witnessed her Hogwarts-caliber work if you’ve driven past a Popeyes. The stores were once, to put it politely, hell holes. Dark, dirty, as different from one another as units in the same chain could be, selling whatever product had caught the fancy of that franchisee. It was a mess when Bachelder, a former chief of KFC, took over Popeyes Chicken & Biscuits in 2007.
Within a year, a rebound was underway, in part because huge chunks of the chain were shut down for failing grades. She even changed the name, to Popeyes Louisiana Kitchen, a key move that put the focus on the concept’s New Orleans heritage.
Fast forward to last year, when Popeyes was sold to Restaurant Brands International, the parent of Burger King and Tim Hortons, for $1.8 billion, or $79 a share. At the time Bachelder had taken over, Popeyes’ trading price was about $15.
Taco Bell isn’t in need of a turnaround. Indeed, it’s one of the best-performing quick-service chains of the last year.
But it is at a soul-searching point. What is Taco Bell going to be? Will it remain a cafeteria for young skateboarders sporting a huge appetite but only a few bucks, and a decided preference for novelty over nutrition? Or will it continue inching upscale, experimenting with cocktails, less extreme food options and designs that—gasp!—parents of the pierced and tatted might enjoy?
Bachelder’s success was identifying the core of Popeyes’ appeal and historical strength and making that the focus again. She restored and sharpened its definition. It’s a skill that could be of considerable value to a brand in danger of drifting.
Plus, having a woman in charge could help Taco Bell broaden its heavily male audience.
And did we mention she's not had an executive post since parting with Popeyes during its takeover by RBI last year? She's been on the motivational-speaking circuit, talking about leadership and what she's learned as mother, executive and cancer survivor. If inspiration is part of the job at Taco Bell—and how could it not be?—the company would have a proven hit in Bachelder.
So, it’s settled. Someone please pass this along to Yum’s board, and we’ll see you at the celebration party.
This is not Cheryl Bachelder, and she did not approve this message.
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