- After almost eight years in the position
- Praise, thanks and good wishes for Penegor
- Kirk Tanner taking over
- Penegor said 67 words
(exechange) — Dublin, Ohio, January 18, 2024 — Todd Penegor, chief executive of Wendy’s, leaves his position. As announced by Wendy’s Co. in a news release and in a regulatory filing published on Thursday, January 18, 2024, Todd A. Penegor leaves his post as chief executive officer at the fast food restaurant chain, after almost eight years in the role, effective February 5, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Todd Penegor’s duties as CEO will be taken over by Kirk Tanner, most recently Chief Executive Officer of North American Beverages at PepsiCo, Inc.
The fact that Todd Penegor’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“The time is right for me to move on”
The management change is explained as follows. Penegor stated: “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.”
Precise information regarding Todd Penegor’s future plans was not immediately available.
“Depart”
Wendy’s said: “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.”
Share price decline since January 2021
The announcement follows a decline in Wendy’s Co.’s share price of 11% since January 2021.
In the position of CEO since 2016
Todd Penegor became CEO of the Company in 2016.
Penegor joined the Company in June 2013 and has served as a director and as President and Chief Executive Officer of the Company since May 2016.
He previously served as the Company’s President and Chief Financial Officer from January 2016 to May 2016, as the Company’s Executive Vice President, Chief Financial Officer and International from December 2014 to January 2016 and as the Company’s Senior Vice President and Chief Financial Officer from September 2013 to December 2014.
Prior to joining the Company, Penegor worked at Kellogg Company, a global leader in food products, from 2000 to 2013 where he held several key leadership positions, including Vice President of Kellogg Company and President of U.S. Snacks from 2009 to 2013, Vice President and Chief Financial Officer of Kellogg Europe from 2007 to 2009 and Vice President and Chief Financial Officer of Kellogg USA and Kellogg Snacks from 2002 to 2007.
Before joining Kellogg, Penegor worked for 12 years at Ford Motor Company in various positions, including strategy, mergers and acquisitions, the controller’s office and treasury.
Penegor has served as a director of Ball Corporation since October 2019.
Penegor is actively involved with various civic organizations and serves as a member of the board of trustees of the Dave Thomas Foundation for Adoption and as President of the Michigan State University Eli Broad College of Business advisory board.
67 words by Todd Penegor
In the release announcing his departure as CEO of Wendy’s Co., Todd Penegor received praise, thanks and good wishes.
In announcing his departure, Todd Penegor said 67 words.
“I will forever be a supporter as a loyal customer”
Todd Penegor stated: “I am grateful to the Wendy’s team for their dedication and am immensely proud of all we have achieved together. 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.”
Push-out Score for Todd Penegor’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Todd Penegor’s move on a scale of 0 to 10.
Read the full story in the exechange report 4.2024 ($).