Wendy's Co. on Tuesday said it added Matthew Peltz, the son of billionaire investor and Chairman Nelson Peltz, to its board and boosted the board's size.
The Dublin, Ohio, fast-food restaurant said Edward Garden, Chief Investment Officer at activist investment firm Trian Partners, resigned from its board. Mr. Garden intends to devote more time to other commitments, Wendy's said.
Matthew Peltz, son of Nelson, Trian's founding partner and chief executive officer, was elected by the board to fill Mr. Garden's position. Matthew Peltz joined Trian's investment team in 2008. Trian is Wendy's largest shareholder with a 14.9% stake.
Wendy's also added Dennis Kass as a director. With the moves, the board's size increases to 11 members from 10.
Mr. Kass, a former executive at J.P. Morgan and Goldman Sachs and former member of President Ronald Reagan's administration, was named to the board effective Monday.
David Schwab, chairman of Wendy's board's nominating and corporate governance committee, said Mr. Peltz and Mr. Kass provide the board with financial expertise.
Wendy's, which operates roughly 6,500 burger chains, has been unloading company-owned restaurants amid slumping sales and pressure from rising wages in some parts of the country.
In its most recent quarter, the chain reported sales of $465.6 million, down 9.1% from a year earlier. Third-quarter profit rose to $40.2 million from $22.8 million in the year earlier period.
Shares in the company, up 18% this year, added 1.7% to $10.72 in morning trading.
Write to Lisa Beilfuss at [email protected]