Wendy's Sells Key Franchises to Company Leader

Thursday, 21 Nov 2013 02:01 PM

 

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The Wendy's Co. on Thursday named a new chief operating officer for the fast-food chain to replace a company leader who is leaving for a franchising deal.

The company said that John Peters, senior vice president of North American operations, is buying 38 Wendy's franchises in Phoenix with prominent Wendy's franchisee, Rick Holland.

Peters will also lead operations for 73 Wendy's restaurants that Holland currently owns in five states. The Phoenix deal is expected to close in the first quarter of 2014.

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In turn, Wendy's is bringing in company veteran Bob Wright in early December to take over as chief operations officer, following a transition period with Peters.

Wright worked most recently as president, chief operating officer and interim CEO of the Charley's Grilled Subs chain. Prior to that, he held a number of leadership positions at Wendy's International Inc.

Wendy's said in July that it planned to sell about 425 company-owned restaurants to help geographically focus where it owns restaurants. The company said Thursday that these plans are on track. It's completed or planned the sale of 210 restaurants, and expects the process will be completed by the second quarter 2014.

The company is requiring that the stores sold in these deals are updated to reflect the company's effort to attract more consumers.

Wendy's said the deal with Peters and Holland will ensure that the important Phoenix market will be led by a strong operator and veteran of the Wendy's system.

The company, based in Dublin, Ohio, has more than 6,500 franchise and company-operated restaurants in the U.S. and abroad.

Wendy's shares increased 22 centsto $8.72 in afternoon trading. The more than 2 percent increase far outpaced broader market gains.

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© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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