Burger King Holdings is the parent company of Burger King, also known as Burger King Corporation and abbreviated BKC, and is a Delaware corporation formed on 23 July 2002.[1]: A subsidiary, it derives its income from several sources, including property rental and sales through company owned restaurants;[1]: however a substantial portion of its revenue is dependent on franchise fees.[1]: During the transitional period after the acquisition of the company by 3G Capital, Burger King's board of directors was co-chaired by John W. Chidsey, formerly CEO and chairman of the company, and Alex Behring, managing partner of 3G Capital.[48] By April 2011 the new ownership completed the restructuring of Burger King's corporate management and Chidsey tendered his resignation, leaving Behring as CEO and chair.[49]