Pepsi North American CEO Takes Over at Wendy’s

The Wendy’s Company announced that its Board of Directors has appointed Kirk Tanner as Wendy’s President and CEO, effective February 5, 2024. Mr. Tanner will succeed Todd Penegor, who will depart from the Company and Board in February after serving in senior leadership positions at Wendy’s for more than a decade. Mr. Tanner has also been elected to serve on the Wendy’s Board of Directors.

Mr. Tanner most recently served as Chief Executive Officer of North American Beverages at PepsiCo, Inc., and joins Wendy’s with more than 30 years of experience across beverages, snacks and foodservice. At PepsiCo, he oversaw the $26+ billion business unit, which accounts for approximately 30% of PepsiCo’s overall business, driving operational performance and revenue growth, the incubation and launch of new products and the entrance into new markets over the course of his tenure. Prior to his most recent role, Mr. Tanner oversaw PepsiCo’s Global Foodservice division, during which time he expanded the Company’s presence in foodservice through strategic partnerships, new product lines and significant deals with major sports leagues and restaurant chains.

“We are thrilled to welcome an executive of Kirk’s caliber to the Wendy’s team,” said Nelson Peltz, Chairman of the Wendy’s Board. “Kirk is a proven operational leader whose customer-centric mindset and broad experience positioning and growing some of the most well-known global brands make him the ideal candidate to lead Wendy’s into its next phase of growth and expansion.”

Wendy’s is the nation’s second-largest hamburger chain behind McDonald’s with over 7,000 restaurants worldwide. Corporate headquarters are in Dublin, OH.

“I am honored to have the opportunity to lead this iconic brand at such a pivotal time in the industry,” said Mr. Tanner. “I am energized by the future potential and expansion opportunities for the business. I look forward to working with the talented Wendy’s team and franchisees to drive future growth and success.”

Tanner will receive a $1 million base salary as CEO of Wendy’s this year along with a potential $2 million bonus and $6 million in stock options. He will also receive a one-time stock award potentially worth $9 million if certain targets are met.

Tanner earned about $6.7 million in 2022 as North American Beverages CEO for PepsiCo. He has been in the position for the past five years.