The Wendy's Co.
) recently declared the appointment of Todd Penegor as the chief
financial officer (CFO) and senior vice president, effective from
Sep 1, 2013. Penegor will replace Steve Hare who will retire from
the company. However, Hare will remain with Wendy's till the end
of the year to provide consulting services. Todd will join
Wendy's in early June to ensure a seamless transition.
Penegor has had an impressive career graph so far. He was the
president of the world's largest cereal maker
)'s U.S. Snacks Division for the past four and half years.
Penegor joined Kellogg in 2000 as senior director, Global
Financial Strategy and Planning and since then has donned many
important roles at Kellogg like Vice President, Finance,
Corporate Financial Planning in 2001, VP and CFO of Kellogg USA
in Feb 2002; VP and CFO of Kellogg's Snacks in May 2002 and VP
and CFO of Kellogg Europe in 2007. Taking into account his huge
experience of more than 12 years in the food service industry,
Penegor can easily be labeled as a veteran in the sector.
Prior to Kellogg, Penegor had worked for
Ford Motor Co.
) and held important positions, including strategy, merger and
acquisition, the controller's office and treasury.
Considering his vast know-how in finance and strategic
planning, we believe that he will likely provide meaningful
support to Wendy's growth and profitability, going forward.
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However, the leaving CFO Steve Hare has served Wendy's immensely
since Sep 2008 and helped it to grow by working hard on Image
Activation and debt refinancing. Wendy's now has outlined a
multi-year turnaround plan to improve its restaurant operating
margins, reinvigorate brands, revitalize same-store sales and
Hence, Penegor's new role entrusts him with additional
responsibility to carry on the winning momentum in a sluggish
Wendy's currently carries a Zacks Rank #1 (Strong Buy). Another
CEC Entertainment Inc.
) looks attractive at current levels with a Zacks Rank #1 (Strong