Inspire Brands CEO Temporarily Steps Away Ahead of Potential IPO

Inspire Brands CEO and cofounder Paul Brown is temporarily stepping away from the restaurant giant as it prepares for a potential entrance into the public markets.

Brown is taking a medical leave as he recovers from a recent injury, according to the Wall Street Journal, which cited a message sent to employees. Scott Murphy, president of Dunkin’ and chief brand officer of Inspire, will serve as interim CEO.

The Journal reported that Murphy told employees he does not expect Inspire’s strategy or direction to change during Brown’s absence. Inspire also expressed confidence that Brown will return after his recovery.

IPO preparation

The timing comes during a pivotal stretch for one of the world’s largest restaurant companies.

In May, Inspire confidentially submitted a draft registration statement with the SEC for a proposed IPO.

The Journal previously reported that an IPO could arrive by the end of 2026, although the process could extend into early 2027.

Company history

Brown became CEO of Arby’s in 2013 and helped oversee the chain’s turnaround before Arby’s Restaurant Group acquired Buffalo Wild Wings for $2.9 billion in 2018. That deal led to the formation of Inspire.

The company quickly grew through a string of major acquisitions. Sonic joined the portfolio in 2018 in a deal valued at roughly $2.3 billion, followed by Jimmy John’s in 2019. Inspire then acquired Dunkin’ Brands in 2020 for $11.3 billion, bringing Dunkin’ and Baskin-Robbins into the fold in one of the largest restaurant transactions in industry history.

Today, Inspire oversees more than 33,400 restaurants across Dunkin’, Buffalo Wild Wings, Buffalo Wild Wings GO, Arby’s, Jimmy John’s, Sonic, and Baskin-Robbins. The brands combined for $33.4 billion in global system sales in 2025 and are supported by roughly 650,000 company and franchise employees. Inspire is controlled by private equity firm Roark Capital.

Interim leadership

Murphy brings extensive experience inside the portfolio to the interim CEO position. He has spent more than two decades with Dunkin’ and its predecessor organization, holding positions that included COO of Dunkin’ and president of Dunkin’ Americas before becoming brand president. He was named Inspire’s chief brand officer in 2023.

Several of Inspire’s concepts also have histories as public companies. Sonic traded publicly for roughly 27 years before Inspire acquired it, Buffalo Wild Wings spent about 15 years on the public markets, and Dunkin’ Brands was public for nearly a decade before its acquisition.