Wendy's names former Kellogg's president as CFO

May 6, 2013

The Wendy's Company announced today that Todd Penegor has been named senior vide president and chief financial officer. Penegor, who most recently served as president of the Kellogg Company's U.S. Snacks Division, will join Wendy's in June.

Following a transition period, Penegor will succeed Steve Hare on Sept. as Hare retires from the Company. Hare plans to provide consulting services to Wendy's through the end of the year.

"We look forward to Todd joining our leadership team in early June, working closely with Steve during a transition and contributing significantly to our success as we execute our Recipe to Win," said Emil Brolick, president and CEO. "Todd has excellent leadership skills and extensive experience in finance and strategic planning, which will be extremely valuable as our CFO. Todd also led one of Kellogg's most important businesses since 2008 and adds global experience to Wendy's."

Penegor, 47, has been vice president, Kellogg Company, and president of the $4 billion in sales U.S. Snacks division for the past four-plus years. He was also a member of Kellogg's North America leadership team and is the executive sponsor of the Kellogg African American Resource Group. Penegor joined Kellogg in 2000 as senior director, Global Financial Strategy and Planning. He was promoted to vice president, Finance, Corporate Financial Planning in 2001. In February 2002, he was promoted to VP and CFO, Kellogg USA and in May 2002, was appointed VP and CFO for Kellogg's Snacks. In 2007, he was promoted to VP and CFO for Kellogg Europe.

Prior to joining the company, Penegor spent 12 years with Ford Motor Company in various positions, including strategy, M&A, the controller's office and treasury. Penegor received a bachelor's degree in accounting and an MBA in finance from Michigan State University. He is a member of the financial advisory board of Michigan State University.

"I am excited about joining an outstanding company and one of the restaurant industry's most respected companies during a time when the leadership team, employees and franchisees are driving a positive transformation of the brand," Penegor said.

Hare was CFO of Wendy's since September 2008 and previously was CFO of Triarc Companies Inc. and Arby's Restaurant Group Inc. Previously, he served as executive vice president of Cadmus Communications Corp. and the president of Publisher Services Group, a division of Cadmus, and before that he was EVP and CFO of AMF Bowling Worldwide, where he also was a member of the board of directors. Hare was also SVP and CFO of James River Corp. He serves on the board of directors of Hanger Inc. He graduated with a BBA from the University of Notre Dame and with an MBA from the Harvard Business School.

"Steve is one of the true gentlemen in the business and he has been an invaluable partner to me and the board of directors," said Brolick. "I want to thank Steve for his leadership and contributions as we've initiated the brand transformation. We are fortunate to have benefitted from Steve's expertise in many areas, particularly his team's excellent work on Image Activation and debt refinancing, which have generated results that will benefit stockholders for years to come."

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Topics: Financing and capital improvements , Operations Management

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