From NBCUniversal:

Wendy’s has appointed PepsiCo veteran Kirk Tanner as its new CEO, effective Feb. 5, in an effort to boost its share price and ease pressure from activist investors. Outgoing CEO Todd Penegor has led the company since 2016, overseeing the successful launch of Wendy’s breakfast menu nationwide. However, Wendy’s has faced setbacks, with shares falling 14% over the past year.

Along with his time leading Pepsi’s North American beverage business, Tanner has spent over three decades with Pepsi. This transition will likely change Blackwells Capital’s challenge to Wendy’s board, which was planned in December. Shareholder confidence in Wendy’s performance was signaled by Nelson Peltz’s decision to drop an effort to acquire the company last year.

PepsiCo also announced that Ram Krishnan, the company’s chief commercial officer and head of its international beverage division, will succeed Tanner as CEO of its North American beverage unit. Wendy’s is expected to release its fourth-quarter earnings on Feb. 15.



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