24/7 Wall St. Insights
- Nelson Peltz is leaving the job as board chair of Wendy’s Co. (NASDAQ: WEN) without his job being done.
- Also: Dividend legends to hold forever.
Nelson Peltz, the famous corporate raider, took the job as board chair of Wendy’s Co. (NASDAQ: WEN). Now he is leaving without his job being done. In late 2007, his company, Trian, took a position in Wendy’s. There was a chance he could take over the company. Instead, he took the board chair’s job. Now, he is leaving with the stock still down sharply.
Wendy’s stock is down 24% in the past five years.
In the most recently reported quarter, revenue was up only 1.6% to $571 million. Net income dropped 6.4% to $55 million. “Our restaurants across the globe continued to deliver same-restaurant sales growth, holding steady with the QSR burger category in the second quarter,” President and Chief Executive Officer Kirk Tanner remarked.
Trian does not always finish what it started. Peltz took a potion in Disney last year. He fought for two board seats. When it was clear he would not get them, he left. He says he made $1 billion on the transaction. Investors did not do as well.
Peltz may be good for himself. For everyone else, there is a question.
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