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The Wendy's Company Announces Todd Penegor To Become Chief Financial Officer; Formerly President Of Kellogg's U.S. Snack Division

DUBLIN, Ohio, May 6, 2013 /PRNewswire/ -- The Wendy's Company (NASDAQ: WEN) announced today that Todd Penegor, most recently President of the Kellogg Company's U.S. Snacks Division, will join Wendy's in June.

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Following a transition period, Penegor will succeed Steve Hare as Senior Vice President and Chief Financial Officer on September 1 and Hare will retire from the Company.  Hare plans to provide consulting services to the Company 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 Chief Executive Officer. "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 (NYSE:K), and President of the $4 billion in sales U.S. Snacks division for the past 4½ 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. 

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