Nine Restaurant Brands International Insiders Sell $7.2M in QSR Stock on the Same Day

Nine Restaurant Brands International executives sold a combined $7.22 million in QSR stock on February 23, 2026 — all at exactly the same price of $67.51 per share. The precision matching across all nine sellers points to a coordinated disposition plan rather than independent market decisions.

Nine Sellers, One Day, One Price

Insider	Title	Shares Sold	Value	Shares After
Axel Schwan	Pres., Tim Hortons Americas	34,938	$2.36M	194,983
Thomas Curtis	Executive	15,410	$1.04M	100,161
Sami Siddiqui	Brand Pres., Popeyes Americas	12,828	$0.87M	31,923
Jill Granat	Executive	11,524	$0.78M	476,126
Duncan Fulton	Chief Corporate Officer	10,307	$0.70M	49,676
Jeffrey Housman	Chief People & Services	7,705	$0.52M	159,961
Thiago Santelmo	President, International	5,686	$0.38M	74,066
Jacqueline Friesner	Executive	4,616	$0.31M	194,200
Peter Perdue	Pres., Popeyes US & Canada	3,882	$0.26M	42,905
Total: 9 insiders			$7.22M

Why One Price?

When nine different insiders sell at exactly $67.51 on the same day, it almost certainly indicates a pre-arranged 10b5-1 trading plan with a coordinated execution. Companies often set up block trades where multiple insiders sell simultaneously through a single broker, resulting in identical execution prices.

This isn't necessarily bearish — it's administrative. But the fact that nine senior leaders chose to set up sells at this price level is worth noting.

Brand Presidents Selling

The seller list reads like a who's-who of Restaurant Brands' operating leadership. RBI owns Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Notable sellers include:

• Tim Hortons Americas president Axel Schwan — largest seller at $2.36M
• Popeyes Americas president Sami Siddiqui — $870K, career total $25.1M
• Popeyes US & Canada president Peter Perdue — $260K, relatively new to selling
• International president Thiago Santelmo — $380K

Career Context

Several of these executives have significant career selling histories with QSR:

• Jill Granat: $37.5M career sales — but still holds 476,126 shares (~$32M)
• Sami Siddiqui: $25.1M career — down to 31,923 shares (~$2.2M)
• Axel Schwan: $19.7M career — still holds 194,983 shares (~$13M)
• Jacqueline Friesner: $17.8M career — holds 194,200 shares (~$13M)

For QSR investors, the coordinated nature of this sell makes it less alarming than nine independent decisions would be. The identical pricing confirms plan-based execution. Still, $7.22M in aggregate insider selling from the people who run Burger King, Tim Hortons, and Popeyes deserves a watchful eye.