DUBLIN, Ohio (AP) — The Wendy's Co. on Monday named a former Kellogg's snacks division chief as the fast-food chain's chief financial officer.
Todd Penegor, 47, will join Wendy's in June and will succeed Steve Hare, 59, as senior vice president and chief financial officer on Sept. 1.
Penegor most recently was president of the Kellogg Co.'s U.S. snacks division. Hare will retire after five years with the company. He plans to provide consulting services to Wendy's through the end of the year.
Wendy's CEO and President Emil Brolick said that Penegor has excellent leadership skills and extensive experience in finance and strategic planning, which will be valuable as in his position.
Penegor worked for Kellogg since 2000 in a number of leadership positions and prior to that, spent 12 years with Ford Motor Co. in various positions.
Shares of Wendy's, based in Dublin, Ohio, increased 15 cents, or 2.6 percent, to $6.05 in afternoon trading after rising as high as $6.08, its highest level since September 2008.