Former Kellogg exec to c.f.o. at Wendy's
May 6, 2013
by Eric Schroeder
DUBLIN, OHIO — Todd Penegor, most recently president of the U.S. Snacks Division at The Kellogg Co., has been named senior vice-president and chief financial officer at The Wendy’s Co., effective in June. He will succeed Steve Hare, who is retiring from the quick-service restaurant chain.
Mr. Penegor has been a vice-president at Kellogg, and president of the $4 billion in sales U.S. Snacks division for the past four-and-a-half years. He also was a member of Kellogg’s North America leadership team and is the executive sponsor of the Kellogg African American Resource Group.
Mr. Penegor joined Kellogg in 2000 as senior director of global financial strategy and planning, and was promoted to vice-president of finance, corporate financial planning in 2001. In February 2002, he was promoted to vice-president and c.f.o., Kellogg USA and in May 2002, was appointed vice-president and c.f.o. for Kellogg’s Snacks. In 2007, he was promoted to vice-president and c.f.o. for Kellogg Europe.
Prior to joining Kellogg, Mr. Penegor spent 12 years with Ford Motor Co. in various positions, including strategy, M&A, the controller’s office and treasury.
He received a bachelor's degree in accounting and a master’s degree in finance from Michigan State University.
“We look forward to Todd joining our leadership team in early June, working closely with Steve during a transition and contributing significantly to our success as we execute our Recipe to Win,” said Emil Brolick, president and chief executive officer for Wendy’s. “Todd has excellent leadership skills and extensive experience in finance and strategic planning, which will be extremely valuable as our c.f.o. Todd also led one of Kellogg’s most important businesses since 2008 and adds global experience to Wendy’s.”
Mr. Hare has been c.f.o. of Wendy's since September 2008 and previously was c.f.o. of Triarc Companies, Inc. and Arby’s Restaurant Group, Inc.