The Wendy's Company Announces Todd Penegor to Become Chief Financial Officer;
Formerly President of Kellogg's U.S. Snack Division
CFO Steve Hare to Retire from Wendy's on September 1
DUBLIN, Ohio, May 6, 2013
DUBLIN, Ohio, May 6, 2013 /PRNewswire/ --The Wendy's Company (NASDAQ: WEN)
announced today that Todd Penegor, most recently President of the Kellogg
Company's U.S. Snacks Division, will join Wendy's in June.
(Photo: http://photos.prnewswire.com/prnh/20130506/CL08032 )
(Logo: http://photos.prnewswire.com/prnh/20120831/MM66742LOGO )
Following a transition period, Penegor will succeed Steve Hare as Senior Vice
President and Chief Financial Officer on September 1 and Hare will retire from
the Company. Hare plans to provide consulting services to the Company through
the end of the year.
"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," said Emil Brolick, President and
Chief Executive Officer. "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, 47, has been Vice President, Kellogg Company (NYSE:K), and President
of the $4 billion in sales U.S. Snacks division for the past 4½ years. He was
also a member of Kellogg's North America leadership team and is the executive
sponsor of the Kellogg African American Resource Group. Penegor joined
Kellogg in 2000 as Senior Director, Global Financial Strategy and Planning. He
was promoted to Vice President, Finance, Corporate Financial Planning in 2001.
In February 2002, he was promoted to VP and CFO, Kellogg USA and in May 2002,
was appointed VP and CFO for Kellogg's Snacks. In 2007, he was promoted to VP
and CFO for Kellogg Europe.
Prior to joining the company, Penegor spent 12 years with Ford Motor Company
in various positions, including strategy, M&A, the controller's office and
treasury. Penegor received a bachelor's degree in accounting and an MBA in
finance from Michigan State University. He is a member of the financial
advisory board of Michigan State University.
"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,"
said Penegor. "I look forward to working with my new colleagues to generate
strong growth and long-term returns for Wendy's stockholders, employees and
Hare was CFO of Wendy's since September 2008 and previously was CFO of Triarc
Companies, Inc. and Arby's Restaurant Group, Inc. Previously, he served as
EVP of Cadmus Communications Corp. and the President of Publisher Services
Group, a division of Cadmus, and before that he was EVP and CFO of AMF Bowling
Worldwide, where he also was a member of the Board of Directors. Hare was also
SVP and CFO of James River Corp. He serves on the Board of Directors of
Hanger, Inc. He graduated with a BBA from the University of Notre Dame and
with an MBA from the Harvard Business School.
"Steve is one of the true gentlemen in the business and he has been an
invaluable partner to me and the Board of Directors," said Brolick. "I want to
thank Steve for his leadership and contributions as we've initiated the brand
transformation. 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. Steve will continue to work closely with me for the next
several months and transition his responsibilities seamlessly to Todd."
About The Wendy's Company
The Wendy's Company is the world's third-largest quick-service hamburger
company. The Wendy's® system includes more than 6,500 franchise and
Company-operated restaurants in the United States and 27 countries and U.S.
territories worldwide. For more information, visit aboutwendys.com or
SOURCE The Wendy's Company
Contact: John Barker, Chief Communications Officer, 614-764-3044
(firstname.lastname@example.org), or David Poplar, VP, Investor Relations,
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