NEW YORK — Wendy's said Monday that it its next CEO will be chief financial officer Todd Penegor.
The fast food chain said current CEO Emil Brolick plans to retire in May. Brolick, who is 67 years old, has led Wendy's for four years. He is expected to remain on the board of the company after retiring.
Wendy's, based in Dublin, Ohio, has been remodeling its stores and adding new menu items to position itself as a more premium fast food chain. It has more than 6,500 restaurants, making it the third largest hamburger chain in the world.
Penegor, 50, joined the company more than two years ago. He previously worked at cereal maker Kellogg Co. and automaker Ford Motor Co. Wendy's said it is looking outside the company for a new CFO.
Brolick will work with Penegor to transition his duties in the first quarter of 2016, the company said.
Shares of The Wendy's Co. fell a penny to $8.70 in morning trading Monday. Its shares have fallen 3.6 percent so far this year.