U.S. burger chain Wendy's said on Monday its Chief Executive Emil Brolick would retire in May and named Chief Financial Officer Todd Penegor as his successor.
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Penegor, who joined Wendy's in June 2013, has been instrumental in leading the company's growth initiatives including redesigning restaurants and selling restaurants to franchisees, the company said.
Like larger rival McDonald's, Wendy's has been trying to combat falling sales and fierce competition from fast-casual restaurants.
Penegor, 50, has previously worked at Kellogg and Ford Motor in various senior roles.
Wendy's, whose largest shareholder is Nelson Peltz's Trian Group, launched a $1.4 billion share buyback plan, its biggest ever, in June.
Brolick, 67, who has served as CEO since September 2011, would continue on the board, the company said.
The company said it is currently conducting an external search for a CFO.
Wendy's (NASDAQ:WEN) shares were little changed at $8.72 in early trading.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)