Wendy’s Co.’s executive ranks are getting a shakeup as its US finance chief departs for another restaurant company and the role of chief commercial officer is eliminated.
(Bloomberg) — Wendy’s Co.’s executive ranks are getting a shakeup as its US finance chief departs for another restaurant company and the role of chief commercial officer is eliminated.
The fast-food chain said Friday that Leigh Burnside, who serves as US chief financial officer and chief accounting officer, will depart on Jan. 20. Separately, Kurt Kane is leaving the company after a reorganization eliminated the role of chief commercial officer.
As a result of the organizational changes, Wendy’s expects it will be able to keep general and administration expenses flat over the next two years despite inflationary pressures.
The company also doubled its quarterly dividend to 25 cents and announced a new $500 million share-buyback authorization, moves that were praised by Nelson Peltz of Trian Fund Management LP, Wendy’s largest shareholder.
Preliminary fourth-quarter global comparable sales rose 6.4%, including a 5.9% increase in the US, ahead of analyst estimates.
The stock fell less than 1% at 8:06 a.m. in early trading in New York. Evercore ISI downgraded Wendy’s Friday morning, telling investors that there are better investment opportunities elsewhere in fast food.
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