Wendy's CEO Todd Penegor to Exit, PepsiCo Executive Kirk Tanner Named Successor -- Update

By Sabela Ojea

Wendy's Chief Executive Todd Penegor is departing and will be succeeded by PepsiCo executive Kirk Tanner in the role.

The Dublin, Ohio-based fast-food chain on Thursday said that Penegor, who has served as CEO since 2016 and joined the company a decade ago, will leave in February.

Tanner will take over as CEO on Feb. 5, with a base salary of $1 million a year, after heading PepsiCo Beverages North America since 2019.

Penegor had an annual salary of $1.2 million in 2022, according to Wendy's most recent proxy filing.

Tanner's experience growing big brands within PepsiCo, where he spent more than 30 years, will help Wendy's lean into its next phase of growth and expansion, Chairman Nelson Peltz said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 18, 2024 17:15 ET (22:15 GMT)

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