Kirk Tanner to Succeed Todd Penegor as President & CEO
Company Reaffirms Previously Provided FY 2023 Outlook and Plans to Release Q4 2023 Results and 2024 and Long-Term Outlook February 15
The Wendy’s Company (Nasdaq: WEN) today announced that its Board of Directors has appointed Kirk Tanner as Wendy’s President and CEO, effective February 5, 2024. Mr. Tanner will succeed Todd Penegor, who will depart from the Company and Board in February after serving in senior leadership positions at Wendy’s for more than a decade. Mr. Tanner has also been elected to serve on the Wendy’s Board of Directors.
Mr. Tanner most recently served as Chief Executive Officer of North American Beverages at PepsiCo, Inc., and joins Wendy’s with more than 30 years of experience across beverages, snacks and foodservice. At PepsiCo, he oversaw the $26+ billion business unit, which accounts for approximately 30% of PepsiCo’s overall business, driving operational performance and revenue growth, the incubation and launch of new products and the entrance into new markets over the course of his tenure. Prior to his most recent role, Mr. Tanner oversaw PepsiCo’s Global Foodservice division, during which time he expanded the Company’s presence in foodservice through strategic partnerships, new product lines and significant deals with major sports leagues and restaurant chains.
“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. “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.”
“I am honored to have the opportunity to lead this iconic brand at such a pivotal time in the industry,” said Mr. Tanner. “I am energized by the future potential and expansion opportunities for the business. I look forward to working with the talented Wendy’s team and franchisees to drive future growth and success.”
Mr. 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.”
“I am grateful to the Wendy’s team for their dedication and am immensely proud of all we have achieved together,” said Mr. Penegor. “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 Reaffirms Previously Provided FY 2023 Outlook
Wendy’s continues to expect its full year 2023 results to fall within the outlook ranges provided in its third quarter earnings release issued on November 2, 2023. The Company will release its fourth quarter and full year 2023 results and share its 2024 and long-term financial outlook on February 15, 2024.
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