Wendy’s CEO Emil Brolick surprised the world this week when he announced that he has decided to leave his post at the U.S. burger chain next May. Chief Financial Officer Todd Penegor has since been named as Brolick’s successor.
According to USA Today, the hamburger chain has revealed that Brolick is retiring next year, with the Dublin-Ohio-based fast food chain operator of nearly 6,500 stores worldwide deciding on putting CFO Penegor as the person next in line after Brolick's departure come May 2016.
Despite stepping down from his position, Brolick is not leaving Wendy's, the company he led for almost four years now, as he is to remain on the board of directors.
"Since returning to Wendy's four years ago, Emil Brolick has guided The Wendy's Company to a path of profitable and sustainable growth, while transforming one of America's most iconic brands," board chairman Nelson Peltz said.
Wendy's is reportedly conducting an "external search" for a new Chief Financial Officer now that Penegor is set to become CEO, Financial reported.
In June 2013, Penegor joined the company and held key positions such as Executive Vice President and Chief Financial Officer. He also previously held the Senior Vice President position.
The incoming Wendy's CEO previously worked at Kellogg Company from 2000 to 2013, holding key positions throughout his stay there.
Speaking of his promotion, Penegor said, "With the highly qualified leadership team that Emil [Brolick] has assembled, and a franchise community that is actively engaged in the growth of the brand, The Wendy's Company is well-positioned for future growth and success," as quoted by Rapid News Network.
Brolick's retirement news came after the company secured a net income of $40.2 million, a big jump from the $29 million it had a year ago while the company is reinvigorating sales through Brolick's remodelling program that was launched in 2011.
Brolick was quoted as saying amid his decision to retire: "Serving our customers, employees, franchisees and shareholders has been one of the greatest privileges in my life. I feel honored to have been chosen as a steward of Dave Thomas' great legacy for the Wendy's family, and I could not be more confident in Todd Penegor as the President and CEO of The Wendy's Company. I believe Wendy's best days are yet to come."
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