Wendy's taps PepsiCo exec Kirk Tanner as new CEO as burger chain fights off activist pressure
Publishing timestamp: 2024-01-19 05:30:22
Summary
Wendy's has appointed Kirk Tanner, a PepsiCo veteran, as its new chief executive in an effort to boost its share price and address pressure from activist investors. The outgoing CEO, Todd Penegor, has been at the helm of the company since 2016 and oversaw the successful launch of Wendy's breakfast menu. However, the company has faced challenges, including a slowdown in low-income consumers' spending and the bankruptcy of a large franchisee. Wendy's shares have fallen 14% over the past year, and activist investor Blackwells Capital is planning to challenge the company's board. The CEO transition could potentially change the firm's stance.
Sentiment: MIXED
Tickers: PEP, QSR-CA, WEN, QSR, DIS,
Keywords: business news, earnings, todd penegor, walt disney co, restaurant brands international inc, retail industry, business, pepsico inc., wendys co, nelson peltz, breaking news: business, restaurants,