The Wendy’s Co. has named Kirk Tanner, a former PepsiCo Inc. division CEO, as president and CEO to succeed Todd Penegor in that role, the company said Thursday. The positions are effective Feb. 5.
The Dublin, Ohio-based burger brand said Tanner also had been elected to serve on the company’s board. Penegor, who had served at Wendy’s for more than a decade, will step down, the company said.
Tanner most recently served as CEO of North American beverages at PepsiCo Inc. The company said he had more than 30 years of experience across beverages, snacks and foodservice.
"We are thrilled to welcome an executive of Kirk's caliber to the Wendy's team," said Nelson Peltz, chairman of the Wendy's board, in a statement. "Kirk is a proven operational leader whose customer-centric mindset and broad experience positioning and growing some of the most well-known global brands make him the ideal candidate to lead Wendy's into its next phase of growth and expansion.”
Tanner said: "I am honored to have the opportunity to lead this iconic brand at such a pivotal time in the industry. I am energized by the future potential and expansion opportunities for the business.”
Peltz continued, "On behalf of the board, I would like to thank Todd for his tremendous contributions to Wendy's over the years. Through his leadership, Wendy's has driven strong growth in sales, earnings and new restaurant counts, forging an industry-leading partnership with the franchise community and a robust digital business. We wish him nothing but the best in his next chapter."
Penegor said: "I'm confident the company is in highly capable hands with Kirk at the helm. My Wendy's roots run deep, and while the time is right for me to move on as an executive of this great organization, I will forever be a supporter as a loyal customer."
Wendy’s is scheduled to report its fourth quarter and full-year 2023 earnings before the market opens Feb. 15.
Wendy's, founded in 1969, has more than 7,000 restaurants worldwide.
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