Ascension of former CFO completes his transition to the top CEO job
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Photo courtesy Wendy's
Todd Penegor was officially named CEO of The Wendy’s Co. on Thursday, completing his long transition that began last fall, when former CEO Emil Brolick announced his retirement.Brolick had guided the 6,500-unit chain since 2011, before announcing his retirement in October. Penegor, who had been CFO, was picked as Brolick’s successor, and has been transitioning into the job in the months since then. He led the company’s first-quarter earnings call earlier this month, for instance.
“The transition of CEO duties from Emil Brolick to Todd Penegor has been seamless, as expected,” Wendy’s chairman Nelson Peltz said in a statement. “Todd’s strong leadership, operational expertise and great passion for Wendy’s will benefit the brand and all of Wendy’s stakeholders. We are also very grateful for Emil’s many contributions and his efforts to ensure that he retired with an excellent successor in place, and a highly capable senior leadership team.”
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Penegor takes over a chain that has generated some momentum in recent quarters, with same-store sales rising 7 percent on a two-year basis in the first quarter, while operators have started building new units and remodeling existing locations.
Gunther Plosch has taken over as Wendy’s CFO. Bob Wright, executive vice president and chief operations officer, will take over leadership for the international division.
Contact Jonathan Maze at [email protected]
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