Todd Penegor will become president of The Wendy’s Company, effective Jan. 4, 2016. This move is part of a planned CEO succession initiative the company announced back in October.
Penegor will replace Emil Brolick, who will retire from his management duties within the company in May of 2016. In the interim, Penegor will retain his duties as executive vice president, chief financial officer, too. Brolick will retain his role as CEO until Penegor transitions from his current position as CFO.
The company is conducting an external CFO search to succeed Penegor. Brolick is also expected to continue to serve on the Board of Directors upon his retirement.
Wendy’s also announced R. Scott Toop, senior vice president, general counsel and secretary, will retire from the company when the term of his employment agreement expires in mid-January 2016.