Wendys CEO Retires

Date: Wednesday, April 19, 2006
Author: HFN Daily Report

In the wake of battles with hedge funds, Jack Schuessler, chairman and chief executive officer of Wendy's International, is retiring, the company announced Monday.

Last year, Pershing Square Capital pressured Wendy's to spin off its profitable doughnut shop chain Tim Horton's, which went public last month.

Trian Fund Management has gone even further, asking the company to spin off all its non-core holdings, including Pasta Pomodoro, Cafe Express and Baja Fresh Mexican Grill. Wendy's recently agreed to add three of Trian's nominees to its board.

Chief financial officer Kerrii Anderson will take over as interim CEO at Wendy's until a permanent replacement can be found. Longtime board member James Pickett will take over as chairman.