(Bloomberg) -- Blackwells Capital plans to nominate a slate of directors for election to the board of Wendy’s Co., a person with knowledge of the matter said, as it pushes for improved performance at the fast food chain.
The New York-based activist investor will put forward more than two candidates for positions on Wendy’s 12-strong board of directors, according to the person, who asked not to be identified discussing confidential information.
If Blackwells is successful, it would find itself facing off against one of biggest names in activist investing: Nelson Peltz of Trian Fund Management, who chairs the board at Wendy’s. Earlier this week, Blackwells’s Chief Investment Officer Jason Aintabi criticized Peltz’s efforts to make changes at the board of Walt Disney Co.
“We welcome dialog with all Wendy’s shareholders,” Peltz and Arthur B. Winkleblack, the lead independent director of Wendy’s, said in an emailed statement “Our board and management does not have a monopoly on good ideas. In the spirit of good corporate governance, we are more than happy to engage with any shareholder to discuss their views and, as always, we are open to adding any new board member who can add value.”
A representative for Wendy’s didn’t respond to requests for comment. Blackwells’s plan at Wendy’s was reported earlier on Friday by Reuters.
Wendy’s pace of sales growth has slowed in recent quarters amid intense competition among fast-food chains. Wendy’s has fallen about 14% in New York trading this year, giving the Dublin, Ohio-based company a market value of $4 billion. Shares of competitors McDonald’s Corp., Restaurant Brands International Inc. and Jack in the Box Inc., meanwhile, have all advanced this year.
Peltz’s Triarc Cos. agreed to buy Wendy’s in 2008 to combine it with Arby’s, which was later sold in 2011. Trian remains one of Wendy’s biggest shareholders, Bloomberg-compiled data show.
(Updates with statement in fourth paragraph.)
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