Wendy’s gave out equity awards and retention bonuses to its top executives as the company looks for its third permanent CEO in less than two years.
Ken Cook, who had been CFO until he was named interim CEO earlier this month, is being given a $2 million equity award that will be dated Aug. 12. They will vest over a two-year period based on his continued employment, according to a federal securities filing on Wednesday.
Cook will also receive a base salary of $825,000 and annual performance bonuses of up to 200% of that salary.
In another filing, Wendy’s said it is giving retention awards to E.J. Wunsch, president of the company’s international division, and CMO Lindsay Radkoski.
Wunsch’s bonus is equal to $1.52 million. Radkoski’s is equal to $700,000. Like Cook’s bonus, they will vest over a two-year period from Aug. 12.
The awards in each executive’s case will be in the form of restricted stock units and options.
The bonuses come weeks after Wendy’s management was roiled with the departure of CEO Kirk Tanner for the same job at The Hershey Company. Cook, a former UPS executive who had only been named CFO in December, was named interim.
Pete Suerken, who had led Wendy’s supply chain co-op, was named president of Wendy’s U.S. market last week. Abigail Pringle, a 23-year veteran of the chain who had been in that position, is leaving the company.
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