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
DUBLIN,
Ohio, Jan. 18, 2024 /PRNewswire/ -- 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.
Forward-Looking Statements
This release contains
certain statements that are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "Reform Act"). Generally, forward-looking statements include
the words "may," "believes," "plans," "expects," "anticipates,"
"intends," "estimate," "goal," "upcoming," "outlook," "guidance" or
the negation thereof, or similar expressions. In addition, all
statements that address future operating, financial or business
performance, strategies or initiatives, future efficiencies or
savings, anticipated costs or charges, future capitalization,
anticipated impacts of recent or pending investments or
transactions and statements expressing general views about future
results or brand health are forward-looking statements within the
meaning of the Reform Act. Forward-looking statements are based on
the Company's expectations at the time such statements are made,
speak only as of the dates they are made and are susceptible to a
number of risks, uncertainties and other factors. For all such
forward-looking statements, the Company claims the protection of
the safe harbor for forward-looking statements contained in the
Reform Act. The Company's actual results, performance and
achievements may differ materially from any future results,
performance or achievements expressed or implied by the Company's
forward-looking statements.
Many important factors could affect the Company's future results
and cause those results to differ materially from those expressed
in or implied by the Company's forward-looking statements. Such
factors include, but are not limited to, the following:
(1) the impact of competition or poor customer experiences at
Wendy's restaurants; (2) adverse economic conditions or
disruptions, including in regions with a high concentration of
Wendy's restaurants; (3) changes in discretionary consumer
spending and consumer tastes and preferences; (4) the
disruption to the Company's business from
the COVID-19 pandemic and the impact of the pandemic on
the Company's results of operations, financial condition and
prospects; (5) impacts to the Company's corporate reputation
or the value and perception of the Company's brand; (6) the
effectiveness of the Company's marketing and advertising programs
and new product development; (7) the Company's ability to
manage the accelerated impact of social media; (8) the
Company's ability to protect its intellectual property;
(9) food safety events or health concerns involving the
Company's products; (10) our ability to deliver accelerated
global sales growth and achieve or maintain market share across our
dayparts; (11) the Company's ability to achieve its growth
strategy through new restaurant development and its Image
Activation program; (12) the Company's ability to effectively
manage the acquisition and disposition of restaurants or
successfully implement other strategic initiatives; (13) risks
associated with leasing and owning significant amounts of real
estate, including environmental matters; (14) risks associated
with the Company's international operations, including the ability
to execute its international growth strategy; (15) changes in
commodity and other operating costs; (16) shortages or
interruptions in the supply or distribution of the Company's
products and other risks associated with the Company's independent
supply chain purchasing co-op; (17) the impact of
increased labor costs or labor shortages; (18) the continued
succession and retention of key personnel and the effectiveness of
the Company's leadership and organizational structure;
(19) risks associated with the Company's digital commerce
strategy, platforms and technologies, including its ability to
adapt to changes in industry trends and consumer preferences;
(20) the Company's dependence on computer systems and
information technology, including risks associated with the failure
or interruption of its systems or technology or the occurrence of
cyber incidents or deficiencies; (21) risks associated with
the Company's securitized financing facility and other debt
agreements, including compliance with operational and financial
covenants, restrictions on its ability to raise additional capital,
the impact of its overall debt levels and the Company's ability to
generate sufficient cash flow to meet its debt service obligations
and operate its business; (22) risks associated with the
Company's capital allocation policy, including the amount and
timing of equity and debt repurchases and dividend payments;
(23) risks associated with complaints and litigation,
compliance with legal and regulatory requirements and an increased
focus on environmental, social and governance issues;
(24) risks associated with the availability and cost of
insurance, changes in accounting standards, the recognition of
impairment or other charges, changes in tax rates or tax laws and
fluctuations in foreign currency exchange rates;
(25) conditions beyond the Company's control, such as adverse
weather conditions, natural disasters, hostilities, social unrest,
health epidemics or pandemics or other catastrophic events;
(26) risks associated with the Company's organizational
redesign; and (27) other risks and uncertainties cited in the
Company's releases, public statements and/or filings with the
Securities and Exchange Commission, including those identified in
the "Risk Factors" sections of the Company's
Forms 10-K and 10-Q.
In addition to the factors described above, there are risks
associated with the Company's predominantly franchised business
model that could impact its results, performance and achievements.
Such risks include the Company's ability to identify, attract and
retain experienced and qualified franchisees, the Company's ability
to effectively manage the transfer of restaurants between and among
franchisees, the business and financial health of franchisees, the
ability of franchisees to meet their royalty, advertising,
development, reimaging and other commitments, participation by
franchisees in brand strategies and the fact that franchisees are
independent third parties that own, operate and are responsible for
overseeing the operations of their restaurants. The Company's
predominantly franchised business model may also impact the ability
of the Wendy's system to effectively respond and adapt to market
changes.
All future written and oral forward-looking statements
attributable to the Company or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
contained or referred to above. New risks and uncertainties arise
from time to time, and factors that the Company currently deems
immaterial may become material, and it is impossible for the
Company to predict these events or how they may affect the
Company.
The Company assumes no obligation to update any forward-looking
statements after the date of this release as a result of new
information, future events or developments, except as required by
federal securities laws, although the Company may do so from time
to time. The Company does not endorse any projections regarding
future performance that may be made by third parties.
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wendys-announces-ceo-succession-302038791.html
SOURCE The Wendy’s Company