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Wendy’s (WEN) Stock Closes Higher, CEO to Retire

NEW YORK (TheStreet) -- The Wendy's Co. (WEN - Get Report) stock closed up 0.46% to $8.75 on Monday after the company announced CEO Emil Brolick will retire in May 2016 and will be succeeded by CFO Todd Penegor.

The transition is expected to begin in the first quarter of next year and Brolick will remain on the fast food company's board.

"Since returning to Wendy's four years ago, Emil Brolick has guided The Wendy's Company to a path of profitable and sustainable growth, while transforming one of America's most iconic brands," Chairman Nelson Peltz said in a statement.

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Brolick had previously been with the company from 1988 to 2000 in various positions.

Penegor has been at Wendy's since June 2013 and led several growth initiatives, including redesigning restaurants and selling company-owned restaurants to franchises.

"With the highly qualified leadership team that Emil has assembled, and a franchise community that is actively engaged in the growth of the brand, The Wendy's...