Hewing strictly to the dictates of the five-second rule for food companies, Kellogg (NYSE:K) dropped an executive officer Monday, and before he had time to be considered "dirty," Wendy's (NASDAQ:WEN) picked him up.
Wendy's announced Monday that it's hired Todd Penegor away from Kellogg, where he ran the firm's U.S. Snacks Division. Penegor will join Kellogg's in June and, after a short transition period, replace Steve Hare and become Wendy's new CFO on Sept. 1. Hare will then remain with the company as a consultant through year-end.
The move to Wendy's is in some ways a step up for Penegor, who will be No. 2 at the company. In other ways, it's a step down. For example, Wendy's annual revenue of $2.5 billion makes it a significantly smaller business than the $4 billion in annual sales Penegor was responsible for at Kellogg's U.S. Snacks division these past four years.
Investors seem to think the new exec will help them grow that business, however. In response to today's news, Wendy's shares rose more than 4% to close at $6.14.