Wendy's Co., a fast-food burger chain based in Dublin, Ohio, announced the appointment of Kirk Tanner as its new President and CEO, effective February 5th. Tanner brings extensive experience from his long tenure at PepsiCo, where he served as the CEO of North American beverages. This strategic move comes as Wendy's looks to enhance its leadership team and drive growth in both domestic and international markets.
Tanner will succeed Todd Penegor, who has successfully led Wendy's as the President and CEO since 2016. Penegor will step down from the company's board, allowing for a seamless transition of leadership. Wendy's Chairman, Nelson Peltz, extended his gratitude to Penegor for his instrumental role in achieving strong sales growth and earnings during his tenure.
Despite Wendy's global same-store sales increasing by 5% in the first nine months of 2022, the company aims to further amplify its success. Peltz acknowledged the need to catch up with competitors like McDonald's and has chosen Tanner, who served as an executive overseeing PepsiCo's global food-service division, to lead the international expansion.
Under Penegor's leadership, Wendy's underwent a restructuring effort in 2022. This initiative aimed to accelerate decision-making processes and invest in new-restaurant development, particularly focusing on expanding overseas. With nearly 6,000 restaurants in the United States and an additional 1,000 in 31 other countries, Wendy's is poised for further expansion and growth.
Following the announcement, Wendy's shares rose by 1% in after-hours trading on Thursday, reflecting positive market sentiment towards the new appointment.
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