Peltz Plans to Nominate Candidates to Wendy's Board
Billionaire investor Nelson Peltz, who offered to buy Wendy's Internationalin November, plans to nominate six directors to the hamburger chain's board, according to a Securities and Exchange Commission filing Monday.
Peltz's Trian Partners also proposes increasing the size of the board to 15 members and removing any directors appointed after Feb. 4.
At Wendy's upcoming annual meeting, Trian plans to nominate Jerry W. Levin, Jeffrey C. Bloomberg, Ulysses L. Bridgeman Jr., Kenneth W. Gilbert, Richard A. Mandell and Gregory H. Sachs.
If the size of the board is not increased to 15 directors, Trian plans to nominate only Levin, Bridgeman, Gilbert and Mandell.
On Jan. 28, Wendy's said its board of directors has nearly completed a review of strategic options that could include a sale or merger.
In the filing, Trian expressed hope that the review of strategic options will result in a sale of the company. Peltz's Triarc owns fast-food chain Arby's.
Peltz and his allies control 9.8 percent of the Dublin, Ohio-based company.
Wendy's shares gained 12 cents to $23.27 in morning trading.