Wendy's/Arby's Group, Inc. Announces Results of 2010 Annual Meeting of Stockholders
Board Approves $75 Million Increase in Stock Repurchase Authorization to a Total of $325 Million
ATLANTA (BUSINESS WIRE) -- Wendy's/Arby's Group, Inc. (NYSE: WEN), the parent company of Wendy's International, Inc. and Arby's Restaurant Group, Inc., today announced the results of its 2010 Annual Meeting of Stockholders, which was held on May 27, 2010 in New York City.
The Company's stockholders voted to elect 12 directors: Nelson Peltz, Peter W. May, Clive Chajet, Edward P. Garden, Janet Hill, Joseph A. Levato, J. Randolph Lewis, Peter H. Rothschild, David E. Schwab II, Roland C. Smith, Raymond S. Troubh, and Jack G. Wasserman. Each director will serve until the 2011 Annual Meeting of Stockholders. Eleven of the twelve directors were previous Board members. Peter Rothschild is a newly elected Board member and replaces former New York Governor Hugh L. Carey, who did not stand for re-election.
In addition, the Company's stockholders voted in favor of the 2010 Omnibus Award Plan and a proposal to ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accountants. The Company's stockholders voted against a stockholder proposal regarding poultry slaughter.
Following the stockholder meeting, the Board of Directors voted to establish a Director Emeritus position and appointed former Board member, Hugh Carey, as Director Emeritus. Former Governor Hugh Carey has served on the Board for 16 years.
Additionally, the Board approved an increase in the Company's stock repurchase authorization by $75 million to a total of $325 million. Since the Board authorized a stock repurchase program in 2009, the Company has repurchased approximately 47 million common stock shares for $223.1 million as of May 25, 2010, at an average price of $4.73 per share. The current common stock repurchase program, of which $101.9 million is now available, will remain in effect through January 2, 2011 and allow the Company to make repurchases as market conditions warrant.
Roland Smith, President and Chief Executive Officer of Wendy's/Arby's Group, said: "On behalf of the entire board of directors and management team, we thank our stockholders for their support. We share their confidence in the future of our Company as we continue to successfully execute on our goals. We believe Wendy's/Arby's Group is well-positioned to create value for our stockholders as we grow sales through distinct premium and value-oriented product offerings. We also plan to effectively control costs and invest in future growth through the development of breakfast at Wendy's, remodeling of both of our brands and international. We look forward to communicating our progress in the months and years ahead."
About Wendy's/Arby's Group, Inc.
Wendy's/Arby's Group, Inc. is the third largest quick-service restaurant company in the United States, and includes Wendy's International, Inc., the franchisor of the Wendy's(R) restaurant system, and Arby's Restaurant Group, Inc., the franchisor of the Arby's(R) restaurant system. The combined restaurant systems include more than 10,000 restaurants in the U. S. and 24 countries and territories worldwide.
SOURCE: Wendy's/Arby's Group, Inc.