Joseph Levato Will Not Stand for
Re-Election at Wendy's 2024 Annual Meeting of Shareholders
Changes Reflect Wendy's Previously Disclosed
Commitment to Ongoing Director Refreshment and
Promotion of Board Diversity
DUBLIN,
Ohio, Dec. 14, 2023 /PRNewswire/ -- The Wendy's
Company (Nasdaq: WEN) today announced that on December 13, 2023, its Board of Directors
increased the size of the Board from 12 to 13 members and elected
Wendy C. Arlin to serve as an
independent director of the Company, effective immediately. In
addition, Joseph A. ("Joe") Levato has notified the Board that he
intends to retire from the Board and not stand for re-election at
Wendy's 2024 Annual Meeting of Shareholders. Following Mr. Levato's
retirement at the Annual Meeting, the size of the Board will be
reduced to 12 directors. Today's announcement reflects the Wendy's
Board's continued commitment to ongoing director refreshment and
promoting board diversity. In its 2023 proxy statement, the Company
noted its commitment to continuing to promote Board refreshment and
diversity, including actively working to add at least one
additional director to the Board in 2023 after electing
Richard (Rick) Gomez in November 2021 and Michelle Caruso-Cabrera in March 2023.
Ms. Arlin brings more than three decades of experience in
corporate finance, financial reporting, oversight and accounting,
with deep expertise in the consumer industry. From August 2021 through July
2023, Ms. Arlin served as Executive Vice President and Chief
Financial Officer of Bath & Body Works, Inc. ("BBWI"), a home
fragrance, body care and soaps and sanitizer products retailer.
Prior to her role as Chief Financial Officer of BBWI and prior to
the spin-off of BBWI, Ms. Arlin served as Senior Vice President,
Finance and Corporate Controller of L Brands, Inc., where she led
the corporate finance, financial reporting, accounting and
financial shared services functions from 2005 to 2021. Ms. Arlin is
a certified public accountant, and prior to joining L Brands, she
spent 12 years at KPMG LLP in the audit practice and ultimately
held the position of partner in charge of the central Ohio consumer and industrial/information,
communications and entertainment business practices. In addition to
the Wendy's Board, Ms. Arlin also serves as a director of WK
Kellogg Co. where she is Chair of the Audit committee.
Speaking on behalf of the Board, Chairman Nelson Peltz said Arlin provides the Board with
substantial expertise in corporate finance, financial reporting,
oversight and accounting. "We are confident that Wendy's experience
and financial acumen will bring immense value to the Board. We look
forward to her fresh perspectives as we continue to execute our
growth playbook to achieve our vision of becoming the world's most
thriving and beloved restaurant brand."
Peltz continued, "We are very grateful to Joe for his many
contributions over his many years of service and will always
consider him a member of the Wendy's family."
Arlin said, "I'm thrilled to join the Wendy's Board at such an
exciting time. The brand is positioned to unlock accelerated global
growth, and I look forward to working alongside the Board and
management team to drive progress across the Company's strategic
growth pillars."
Levato said, "The Board and I have been contemplating my
retirement for some time, and, with the addition of Wendy and the
financial expertise she will provide, I believe our 2024 Annual
Meeting is the right time to step back. I am proud of what we have
accomplished during my tenure and confident the Company is well
positioned for continued success."
ABOUT WENDY'S
Wendy's® was founded in 1969 by Dave Thomas in Columbus, Ohio. Dave built his business on the
premise, "Quality is our Recipe®," which remains the
guidepost of the Wendy's system. Wendy's is best known for its
made-to-order square hamburgers, using fresh, never frozen beef*,
freshly-prepared salads, and other signature items like chili,
baked potatoes and the Frosty® dessert. The
Wendy's Company (Nasdaq: WEN) is committed to doing the right thing
and making a positive difference in the lives of others. This
is most visible through the Company's support of the Dave Thomas
Foundation for Adoption® and its signature Wendy's Wonderful
Kids® program, which seeks to find a loving,
forever home for every child waiting to be adopted from the North
American foster care system. Today, Wendy's and its
franchisees employ hundreds of thousands of people across over
7,000 restaurants worldwide with a vision of becoming the world's
most thriving and beloved restaurant brand. For details on
franchising, connect with us
at www.wendys.com/franchising.
Visit www.wendys.com and www.squaredealblog.com for
more information and connect with us on X and Instagram using
@wendys, and on Facebook at www.facebook.com/wendys.
*Fresh beef available in the contiguous U.S., Alaska, and Canada.
Media Contact:
Heidi Schauer
Vice President – Communications, Public Affairs & Customer
Care
(614) 764-3368; heidi.schauer@wendys.com
Investor Contact:
Kelsey Freed
Director - Investor Relations
(614) 764-3345; kelsey.freed@wendys.com
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SOURCE The Wendy’s Company