The Wendy’s Co. said Monday that Todd Penegor will become senior vice president and chief financial officer in June, replacing Steve Hare, who will retire Sept. 1.
Most recently, Penegor was president of the Kellogg Company’s U.S. snacks division, in which he oversaw about $4 billion in annual sales. He joined Kellogg in 2000 and has held several financial and senior-leadership roles at the company, both in the United States and in Europe. Prior to that, he spent 12 years with Ford Motor Company.
“We look forward to Todd joining our leadership team in early June, working closely with Steve during a transition and contributing significantly to our success as we execute our Recipe to Win,” president and chief executive Emil Brolick said in a statement. “Todd has excellent leadership skills and extensive experience in finance and strategic planning, which will be extremely valuable as our CFO. Todd also led one of Kellogg’s most important businesses since 2008 and adds global experience to Wendy’s.”
Penegor is the second new C-suite executive to join Wendy’s from the consumer packaged goods sector. In March 2012, the quick-service company hired Craig Bahner, a Procter & Gamble executive, as chief marketing officer.
As the incoming chief financial officer, Penegor will oversee several programs, including a tiered investment strategy for franchisees of the 6,500-unit Wendy’s chain to expand the “Image Activation” remodeling program.
“I am excited about joining an outstanding company and one of the restaurant industry’s most respected companies during a time when the leadership team, employees and franchisees are driving a positive transformation of the brand,” he said in a statement. “I look forward to working with my new colleagues to generate strong growth and long-term returns for Wendy’s stockholders, employees and franchisees.”
His predecessor, Hare, joined Wendy’s in September 2008 when the brand merged with his former employer Triarc Companies, which at the time was parent to Arby’s Restaurant Group. The two brands were joined in Wendy’s/Arby’s Group for nearly three years until Arby’s was sold to Roark Capital Group in July 2011.
Brolick called Hare “one of the true gentlemen in the business” and “an invaluable partner” to the company’s leadership.
“I want to thank Steve for his leadership and contributions as we’ve initiated the brand transformation,” Brolick said. “We are fortunate to have benefitted from Steve’s expertise in many areas, particularly his team’s excellent work on Image Activation and debt refinancing, which have generated results that will benefit stockholders for years to come.”
Dublin, Ohio-based Wendy’s operates or franchises restaurants in the United States and 27 foreign markets.
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