Dublin, Oh., USA - October 6, 2015, Dublin, Oh., USA - The Wendy's Company announced that president and chief executive officer Emil Brolick plans to retire from management duties with the company in May 2016.
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Mr. Brolick is expected to continue to serve on the Company's Board of Directors upon his retirement to ensure continuity of leadership and strategic focus for the Company.
Mr. Brolick is expected to be succeeded in the President and CEO role by current Executive Vice President, Chief Financial Officer and International Todd Penegor. The transition of these duties is anticipated to begin in the first quarter of 2016.
Mr. Penegor joined the Company in June 2013 and has served as Executive Vice President, Chief Financial Officer and International of the Company since December 2014. He previously served as Senior Vice President and Chief Financial Officer of the Company from September 2013 to December 2014.
Prior to joining the Company, Mr. Penegor worked at Kellogg Company from 2000 to 2013, where he held several key leadership positions, including Vice President of Kellogg Company and President of U.S. Snacks from 2009 to June 2013, Vice President and Chief Financial Officer of Kellogg Europe from 2007 to 2009, and Vice President and Chief Financial Officer of Kellogg USA and Kellogg Snacks from 2002 to 2007.
Prior to joining Kellogg Company, Mr. Penegor worked for 12 years at Ford Motor Company in various positions, including strategy, mergers and acquisitions, the controller's office and treasury.
At Wendy's, Mr. Penegor has been instrumental in leading some of the Company's most successful growth initiatives of the past two years, including the Image Activation restaurant development program; System Optimization, which includes the sale of Company restaurants in the U.S. and Canada to franchisees as part of a strategy to help accelerate the brand's expansion; the 2015 Whole Business Securitization and the Company's several share repurchase transactions. In late 2014, he also took responsibility for the Company's International division.
Mr. Penegor's history with the Wendy's brand dates back to his childhood, when his father became a Wendy's franchisee with one restaurant in Iron Mountain, Michigan. ■