DUBLIN Ohio Kerrii Anderson, chief executive of Wendy’s International Inc., will collect $950,000 in salary and $2.7 in equity-based long-term compensation during 2007 under an employment contract signed Jan. 22, the quick-service giant said in a securities filing Thursday
She will also be eligible for a bonus equal to her annual pay, the filing said. It noted that Anderson will collect at least $900,000 in bonuses for 2006, based on her performance as Wendy’s chief financial officer for 3.5 months and her execution of the chief executive’s post for the remainder of the year. However, she was paid at her new salary rate only after Nov. 9, the day she was named CEO after serving in that post on an interim basis for about seven months, the documents indicate. She apparently continued to be paid during that time at her CFO scale.
The filing indicates the employment contract extends to January 2010. Anderson agreed to a non-compete provision that bars her from joining a competitor of Wendy’s during the length of the contract and the 18 months following its conclusion. If she is terminated, she is entitled to collect her employment benefits for a year.
Andersontook the helm of Wendy’s, operator or franchisor of some 6,600 hamburger restaurants worldwide, after Jack Schussler resigned. At the time, the company was under intense pressure by activist shareholders to raise its stock price and bolster the financial performance of its namesake quick-service brand. It is based here.