Wendy’s Company said Chief Financial Officer Todd Penegor will succeed Chief Executive Emil Brolick when he retires in May 2016. Brolick has been CEO since Sept. 2011 and was previously with the company between 1988 and 2000. He will continue on the board of directors after his retirement. The transition is set to begin during the first quarter of 2016. Penegor has been with the company since June 2013 serving as CFO since Dec. 2014. He was with Kellogg Co. between 2000 and 2013, where he was president of U.S. snacks between 2009 and 2013. An external search for a new CFO is currently underway. Wendy’s is down 19% for the past three months. The NASDAQ Composite is down 5.3% for the same period.
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