Wendy’s announced today that a vacated seat on its board has been filled with Matthew Peltz, the son of activist investor Nelson Peltz, who has engineered two changes in ownership of the chain during the last decade.
The younger Peltz is a partner in his father’s firm, Trian Partners. Earlier, he was an investment banker for Goldman Sachs.
The elder Peltz used a stake in Wendy’s during the first decade of the century to push for management changes, divestitures and ultimately a sale to one of his Trian-affiliated companies, which owned Arby’s at the time. Arby’s was subsequently sold to Roark Capital and Wendy’s was spun off to the public in an IPO.
He assumes the board seat previously held by Ed Gardner, who resigned the post. Gardner is also a partner in Trian.
Wendy’s is also expanding the board to give a seat to another Trian official, former Assistant Secretary of Labor Dennis Kass. Kass, who served in that post under President Reagan, was more recently CEO of the asset-management firm Jennison Associates.