Additionally, Joseph A. Levato has announced his intention to retire from the board and not stand for re-election at Wendy's 2024 annual meeting of shareholders. Following his retirement, the size of the board will be reduced to 12 directors.
The addition of Arlin comes on the heels of a Reuters report that New York-based activist hedge fund Blackwells Capital is preparing to challenge the chain’s board of directors in a push for improvements to its financial performance. The challenge pits Blackwells against another activist investor, Trian Fund Management, which owns a 16% stake in Wendy’s and has three representatives – Nelson Pelta, Peter May, and Matthew Peltz. Trian made overtures last year for changes at the burger chain, eventually reaching an agreement.
The announcement also comes shortly after Wendy’s noted a commitment to promote board diversity via its 2023 proxy statement. This commitment includes a push 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.
Arlin has more than 30 years of experience in corporate finance, financial reporting, oversight and accounting. From August 2021 through July 2023, she served as EVP and CFO of Bath & Body Works. Prior, she served as SVP, finance and corporate controller of L Brands. She is certified public accountant and also serves as a director of WK Kellogg Co.
"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,” Arlin said in a statement.
Contact Alicia Kelso at [email protected]