Arby’s and Wendy’s Merge
Atlanta & Dublin, Ohio Triarc Cos. announced the merger of its Arby’s restaurant system with Wendy’s International, reportedly creating the third largest quick-service restaurant (QSR) company in the United States.
Through an all-stock transaction, Wendy’s shareholders will receive 4.25 shares of Triarc Class A common stock for each share of Wendy’s common stock.
The combined QSR company will have approximately 10,000 locations and estimated sales of $12.5 billion.
In Triarc’s prepared statement, the company indicated its expansion will be primarily focused on breakfast menus, global expansion of both brands, and future acquisitions as well as development of new locations.
Triarc chief executive, Roland Smith, 53, will continue in that role as well as assume the CEO role for Wendy’s.
Sam’s Club limits rice sales
BENTONVILLE, Ark. According to reports, Sam’s Club is limiting its sale of Jasmine, Basmati and Long Grain White rices to four bags per member visit.
The limits are due to supply and demand trends and Sam’s Club is reportedly working to ensure that it has enough of the aforementioned rice products in stock.
Pep Boys names Odell interim ceo
PHILADELPHIA The Pep Boys – Manny, Moe & Jack has named Mike Odell, Pep Boys’ coo, as interim ceo, effective immediately. The move was made after Jeff Rachor resigned to become a principal in an automotive dealership venture. Pep Boys also announced that Ray Arthur was named evp – cfo, and is scheduled to begin on April 28.
Odell joined Pep Boys in September 2007 as evp and coo after spending 13 years at Sears Holdings. His last position at Sears was as evp and general manager of Sears Retail & Specialty Stores, a $26 billion business with 1,900 locations. Mike initially joined Sears’ finance department in 1994 where he worked until moving over to its operations team in 1998. There, he served in various positions of increasing responsibility, including vp of stores, finance, and operations of Sears Automotive Group.
“The entire board is highly confident in Mike’s ability to step seamlessly into the role of interim ceo,” said chairman of the board Bill Leonard. “Mike was instrumental in helping to develop the company’s long-term strategic plan and the board is pleased with the progress the company has made in executing its initial steps. Mike’s leadership in driving Pep Boys’ strategic initiatives and our ongoing return to operational excellence makes him the obvious choice for this position. He is a serious candidate for the permanent chief executive position and the company has no plans to conduct a search at this time. The board would also like to thank Jeff for his service to Pep Boys and for his assistance during this executive transition.”