Fast-food chain operator Triarc said Thursday billionaire investor Nelson Peltz resigned as chairman and chief executive, and will be succeeded as CEO by Roland Smith, chief executive of Arby's Restaurant Group.
President and Chief Operating Officer Peter May also resigned, according to a filing with the Securities and Exchange Commission. The departures are in accordance with contracts signed in April, the company said.
Smith, 52, has served as CEO of Arby's since April 2006 and recently became a Triarc director.
Peltz, a major shareholder of Wendy's International , recently said he was considering buying the nation's third-largest hamburger chain. In a letter sent to Wendy's Chairman James Pickett, Peltz said Triarc would be a "natural, strategic buyer" for Wendy's, but complained that the company was blocking his efforts.
Peltz and May will continue to serve on Triarc's board as non-executive chairman and vice-chairman, respectively, and remain large shareholders of Triarc.