Hoffmann, who was with McDonald’s Corp for 22 years and joined Dunkin’ in 2016, will remain president of Dunkin’ Donut US and serve as a board member.

Hoffmann’s appointment comes at a time competition between restaurant chains have intensified, especially in the breakfast meal category, with McDonald’s and Burger King offering dollar menus and other low-priced deals.

“When we recruited Dave to Dunkin’ Brands 18 months ago with the intent that he would succeed me as CEO, we knew that we were getting a world-class leader with extensive restaurant industry expertise, and he has exceeded all of our expectations,” Travis said.

Under Travis, Dunkin’ has expanded its overseas presence by entering 25 new markets and adding 6,000 restaurants.

Travis, who held the post for nearly a decade, will become executive chairman of the board and focus on the development of the international business, the company said.

He also oversaw a successful Nasdaq listing in 2011 and grew the company’s revenue by 60% since he took up the role in 2009.

The company’s stock is up nearly threefold since it debuted at an IPO price of $19.