Wendy’s Hires PepsiCo Exec to Be Its New Chief Amid Pressure From Activist Investors

The Wendy's Company revealed it has hired Kirk Tanner to be its new chief executive officer. The fast-food chain said he will take over the CEO role starting Feb. 5.

It was noted that Wendy's appointment of a new chief comes as it tries to fight off and ease pressure from activist investors. Tanner is leading PepsiCo's North American business and is set to join the chain next month.

Pressure From the Board

As per CNBC, Blackwells Capital, an activist investor, is planning to challenge the fast-food giant's board, and this plan came to light for the first time last month. It was said that the assignment of a new CEO could change the investor's stance. However, if it nominates its board candidates, a fight with another investor, Nelson Peltz, could erupt.

Peltz is currently serving as the chairman of Wendy's board. At any rate, how things will go is yet to be seen once Tanner takes over and starts his work.

Todd Penegor, who has been leading Wendy's as chief, is set to leave after being in the position for almost eight years. On Thursday, Jan. 18, PepsiCo also announced that Ram Krishnan will succeed Tanner as CEO of its beverage division in North America.

New Wendy's CEO's Background

Kik Tanner is a veteran with over 30 years of work experience in food service, beverage and snack. He has previously served PepsiCo Inc. as the chief executive officer of its North American beverage business. During his long tenure at PepsiCo, he has held various executive roles that help bolster the company's global presence.

"We are thrilled to welcome an executive of Kirk's caliber to the Wendy's team," Wendy's chairman of the board, Nelson Peltz, said in a press release. "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."

He said, "On behalf of the board, I would like to thank Todd for his tremendous contributions to Wendy's over the years. Through his leadership, Wendy's has driven strong growth in sales, earnings and new restaurant counts, forging an industry-leading partnership with the franchise community and a robust digital business. We wish him nothing but the best in his next chapter."

Meanwhile, the newly appointed Wendy's chief executive officer, Kirk Tanner, said he is honored to have the chance to join and lead the fast-food chain that has already become an iconic brand. He said he finds his appointment even more special because it happened "at such a pivotal time in the industry."

He is now looking forward to working with the Wendy's team as they aim to lead the restaurant to reach further growth and success.

Photo by: Wendy's Newsroom