Emil Brolick, the president and CEO of Wendy's Company, is planning to retire from management duties with the company in May 2016, according to a press release issued by Wendy's.
Todd Penegor, the executive vice president and CFO of Wendy's, is expected to be named as the successor to Brolick.
Brolick said in the press release that being a part of Wendy's has been a "one of the greatest privileges" of his life.
"I feel honored to have been chosen as a steward of Dave Thomas' great legacy for the Wendy's family, and I could not be more confident in Todd Penegor as the President and CEO of Wendy's Company," he said. "I believe Wendy's best days are yet to come."
Nelson Peltz, the chairman of the board of directors, adds in the press release that the company is grateful for Brolick's service.
"Since returning to Wendy's four years ago, Emil Brolick has guided The Wendy's Company to a path of profitable and sustainable growth, while transforming one of America's most iconic brands," Peltz said.
Nation's Restaurant News adds that Wendy's has enjoyed sales growth under Brolick's leadership.
The company has also sold stores to franchisees and remodeled existing locations.
Brolick is expected to leave after the transition period, which will begin in the first quarter of 2016, according to the Nation's Restaurant News.
Wendy's also mentioned in the press release that Brolick will continue to serve on the company's board of directors upon his retirement.
This will ensure continuity of leadership and strategic focus for the company.
Penegor joined Wendy's in June 2013 and served as the senior vice president and CFO from September 2013 until December 2014, according to the press release.
He has served his current position of executive vice president, CFO and International of the Company since Dec. 2014.
Prior to joining Wendy's, Penegor worked at Kellogg Company from 2000 to 2013, where he held several key leadership positions, according to the press release.
Before working for Kellogg, he worked for 12 years at Ford Motor Company in various positions, including strategy, mergers and acquisitions, the controller's office, and treasury.
Penegor has been instrumental in leading some of Wendy's most successful growth initiatives, including the Image Activation restaurant development program.
