Thiago T. Santelmo, President of International at Restaurant Brands International, has filed 85 Form 4 transactions, all in a single ticker: QSR. The pattern is unambiguous: he has never made an open-market purchase, with total buy value of $0. Instead, his activity is dominated by sales, totaling $2.89 million, alongside $443,520 in acquisitions that are almost entirely compensatory grants (code "A") and option exercises (code "M") with no cash outlay.
The most recent cluster of filings, dated July 7, 2026, consists of seven zero-value grants (code "A") — routine equity compensation with no market signal. The meaningful selling occurred earlier in the year. On March 17, 2026, Santelmo sold QSR shares worth $754,147, paired with an option exercise valued at $555,500. That followed two sales on February 23, 2026, each valued at $383,882.73, for a combined $767,765, which were preceded by four option exercises on February 22 with no reported value. The February 25 grant included one award valued at $309,163, likely a performance-based vesting.
The data shows a consistent sell-side bias: every open-market transaction is a disposition, with no purchases to offset. The sales are clustered around option exercises, suggesting a pattern of exercising and immediately liquidating to realize gains. The recent three sales (two in February, one in March) total roughly $1.52 million, while the July grants are purely administrative. For a senior executive, this is a typical compensation-to-cash cycle, but the absence of any buy-side activity over 85 filings indicates a sustained posture of reducing exposure to QSR stock rather than accumulating it.
AI-assisted summary