Nelson Peltz has officially confirmed that Trian Fund Management (New York) isn’t interested in acquiring Dublin, Ohio-based Wendy’s.
This past May, the activist firm, which Peltz founded and serves as a chief executive, said it was exploring a potential deal with Wendy’s that could include a merger or acquisition, reports CNBC.
Peltz said in a statement Friday, “Trian believes the company is well-positioned to deliver significant long-term value for shareholders and looks forward to continuing to work with the board and leadership team to do so.”
In an attempt to improve decision making and increase efficiency, Wendy’s also announced a reorganization of its C-suite. Chief Commercial Officer and U.S. President Kurt Kane, as well as Chief Financial Officer Leigh Burnside, will be departing the company. Kane’s position was eliminated and Burnside will be moving on to another restaurant company.
Ahead of its fourth quarter sales results, Wendy’s says its same-store sales have increased by 6.4 percent.