Wendy's taps PepsiCo exec Kirk Tanner as new CEO as burger chain fights off activist pressure

Wendy’s has appointed Kirk Tanner as its new chief executive, effective Feb. 5. Tanner, a veteran of PepsiCo, will replace Todd Penegor, who has held the position since 2016. During Penegor’s tenure, Wendy’s overtook Burger King to become the second-largest burger chain in the U.S. by sales. However, the company has faced challenges with a decrease in spending by low-income consumers and a franchisee declaring bankruptcy. Wendy’s shares have dropped 14% in the last year. Activist investor Blackwells Capital may challenge Wendy’s board, while Nelson Peltz, Wendy’s board chair, represents another activist investor. PepsiCo also announced that Ram Krishnan will succeed Tanner as CEO of its North American beverage unit.