ATLANTA Arby’s parent Triarc Cos. Inc. said Tuesday that it has made several executives changes as part of its corporate restructuring to become a “pure-play” restaurant company. The revamp comes as the company is expected to review proprietary information about Wendy's International Inc. that could lead to a bid for the quick-service giant.
Thomas A. Garrett has been named executive vice president and chief operating officer, while Stephen E. Hare was appointed senior vice president and chief financial officer. Garrett and Hare will serve in these roles in addition to their duties at Arby’s, where Garrett is president and COO and Hare is CFO.
In addition, Triarc named Steven B. Graham senior vice president and chief accounting officer. Since January 2007, Graham has been senior vice president and corporate controller of Arby's.
Hare and Graham replace Francis T. McCarron and Fred H. Schaefer, respectively. McCarron and Schaefer will provide services to the company during a transition period.
Triarc also appointed Nils H. Okeson to senior vice president and associate general counsel. He also been secretary of Triarc since June 30 and has served as general counsel of Arby's since October 2005. Okeson eventually will replace Stuart I. Rosen as general counsel after a transition period. In addition, Daniel T. Collins was named senior vice president and treasurer. He has been senior vice president of treasury for Arby's since June 2005.
Roland C. Smith, chief executive officer of Triarc, said the promotions are part of the company’s plan to shed its non-restaurant holdings, which include an asset management firm, and consolidate its operations and headquarters in Atlanta, where Arby’s is based.
In its latest filings with securities regulators, Triarc said it was actively pursuing restaurant acquisitions. Recently, Wendy’s International Inc. agreed to open its books to Triarc, as well as the investment funds under activist investor Nelson Peltz’s umbrella, under a disclosure agreement that had been sought by Peltz. Under the agreement, Wendy’s will provide certain confidential and proprietary information to Triarc and Peltz’s investment arm, Trian Fund Management, which holds a 9.8-percent stake in Wendy’s, so that Triarc and Trian can evaluate whether to purchase all or part of Wendy’s. The Dublin-based Wendy's operates or franchises the 6,300-unit namesake burger chain.
Peltz is non-executive chairman of Triarc, the franchisor of the Arby's restaurant system and the primary owner of Deerfield & Co. LLC, an asset management firm it has been trying to shed. He also holds a 34-percent stake in the company. The Arby's restaurant system has approximately 3,600 restaurants.
