Here are just a few of the interesting executive changes making headlines over this past week:
Wendy’s Squares Off with New CEO in Hand
At the end of May, burger meister The Wendy’s Company reannounced the retirement of its CEO and his replacement. Word of Emil Brolick’s departure had come in late 2015, along with the news that Todd Penegor would take his place. Penegor has the title of president as well as CEO, stepping up from the CFO position he had held for more than two years. Prior to that, he put in more than a dozen years at cereal maker Kellogg and began his career with another 12 years at Ford Motor.
Staples CEO Casualty of Unsuccessful Acquisition
When megadeals goes south, often the top guy at one of the companies involved is soon no longer around. That will readily be the case with Ron Sargent, the CEO at office-supply giant Staples. The top US company in its industry was thwarted by the feds in 2015 when the FTC nixed Staples’ well-paved plans to merge with #2 rival Office Depot on the grounds that the merger was anticompetitive. This week Staples announced that Sargent would step down in mid-month and hand the post over to Shira Goodman, presently the president of North American operations. He’ll retain his other title of chairman, though, until early next year. Goodman has held division president and EVP titles at Staples since 2001 and been with the business since 1992.
Changes Afoot at Bechtel in September
Global engineering firm Bechtel will see a churn of execs this fall, according to a recent announcement. Bill Dudley, who has been CEO for more than two years, will move up to become vice chairman. Practically a lifer, having been with the company since 1981, Dudley relinquishes the top post to the familial Brendan Bechtel (son of chairman Riley Bechtel), currently holding down the president and COO slots and a veteran of the business since summer jobs in his high-school years. Taking over Bechtel’s positions will be Jack Futcher, presently the head of the company’s oil, gas, and chemicals division. Both Bechtels, Dudley, and Futcher are already members of the board of directors.
Look for more Executives in the Move next week!