Fulton Duncan, Chief Corporate Officer at Restaurant Brands International (QSR), has filed 61 Form 4 transactions, all in the company's stock, with a pronounced sell-side bias. Over the tracked period, Duncan has executed zero open-market purchases and recorded total sales of approximately $1.88 million, while acquiring about $105,921 in shares exclusively through compensation grants (code A) and option exercises (code M). The most recent activity, clustered on July 7, 2026, consists solely of seven zero-value grants, reflecting routine equity awards rather than discretionary buying.
The selling pattern is concentrated and recent. On February 23, 2026, Duncan sold QSR shares in two transactions totaling $1.39 million, following option exercises the prior day. A smaller sale of $239,599 occurred on January 7, 2026. These four open-market sales (code S) account for the entirety of the recent sell count, with no purchases recorded in the same window. The February sales, executed immediately after option exercises, suggest a mechanical monetization of vested equity rather than a directional bet against the stock.
The transaction mix—heavy on grants, exercises, and sales, with zero buys—indicates Duncan is a net liquidator of QSR equity. The absence of any open-market purchases (code P) across all 61 filings underscores a consistent pattern of reducing exposure through sales, while acquisitions are limited to compensation-driven awards. The most recent grants on July 7, 2026, carry no cash value, reinforcing that new shares are coming solely from the company's compensation structure, not from Duncan's own capital.
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