Wendy’s taps longtime PepsiCo exec as new CEO

The Wendy's Company named a new chief executive as it faces a possible challenge from an activist investor.

The quick-serve chain appointed Kirk Tanner as  president and CEO, effective February 5, 2024.  He 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. 

Penegor, who also is leaving the company's board, has served as Wendy’s CEO since 2016.

Tanner joins Wendy’s after spending nearly 32 years at PepsiCo, most recently servving as CEO of North American Beverages. At PepsiCo, he oversaw the $26 billion-plus business unit, which accounts for approximately 30% of the company’s overall business 

Prior to his most recent role, 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."

The change at the top comes about a month after Reuters reported that activist hedge fund Blackwells Capital is planning to challenge Wendy’s board with its own candidates. 

"I am honored to have the opportunity to lead this iconic brand at such a pivotal time in the industry," said 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."

Wendy's and its franchisees operate over 7,000 restaurants worldwide.

In the first nine months of 2023, Wendy’s global same-store sales rose 5%.  The company continues to expect its full year 2023 results to fall within the outlook ranges provided in its third quarter earnings release issued on Nov. 2, 2023. The company will release its fourth quarter and full year 2023 results and share its 2024 and long-term financial outlook on Feb. 15, 2024.