Peltz Resigns As CEO of Triarc
Replaced by Arby's CEO Smith
Fast-food chain operator Triarc Cos. said Thursday billionaire investor Nelson Peltz resigned as chairman and chief executive. President and Chief Operating Officer Peter May also resigned. Peltz will be succeeded as CEO by Roland Smith, chief executive of Arby's Restaurant Group Inc. The resignations were planned and announced in an SEC filing as early as May 1.
Peltz had most recently pushed Triarc to buy Wendy's, the nation's third largest hamburger chain but contends that Wendy's is trying to block the acquisition. He says the confidentiality agreement accompanying the invitation contained a "restrictive one-year standstill clause to which Triarc has objected... The feedback we are hearing from the market clearly indicate that Wendy's would prefer to sell itself to anyone other than Triarc." [via Seeking Alpha]
As a shareholder in Wendy's, Peltz feels Triarc would be a "natural, strategic buyer" for Wendy's.
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