YUM Yum Brands Inc

Wendy's Co. said Chief Executive Emil Brolick plans to retire in May and named Todd Penegor, chief financial officer and head of international operations, as his successor.

The fast-food restaurant company said it is conducting an external search for a new finance chief to succeed Mr. Penegor. Mr. Brolick will remain on the company's board after he retires.

Mr. Penegor is credited with leading growth initiatives at Wendy's, including the sale of restaurants in the U.S. and Canada to franchisees.

Mr. Penegor joined Wendy's in June 2013 and was named finance chief that September. He was named head of its international business in December 2014. His prior experience included Kellogg Co., where he held several key leadership roles.

Mr. Brolick returned to Wendy's to take the helm in 2011, after roughly 11 years at Yum Brands Inc., where he held a number of executive roles, culminating with chief operating officer. Before that, he had spent 12 years with Wendy's in various management roles.

Wendy's in August said its plan to reduce ownership of company-operated restaurants to about 5% of the overall total remains on schedule. In 2017, the first full year after it expects to complete its restaurant sales, 80% of Wendy's earnings will come from franchisees' royalty and rental fees.

Write to Tess Stynes at tess.stynes@wsj.com

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(END) Dow Jones Newswires

October 05, 2015 10:25 ET (14:25 GMT)

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