DUBLIN, Ohio, March 3 (UPI) -- Wendy's International Inc., under pressure for better results from a major shareholder, wants to sell its Baja Fresh business.
Besides exploring "strategic alternatives" for Baja Fresh, which it acquired in June 2002 for a reported $275 million, Wendy's also agreed Friday to expand its board by three members to 15. Specifically, Wendy's will add three directors nominated by Trian Partners.
"We are excited that the new directors will work with the board to further enhance shareholder value at Wendy's," said Nelson Peltz, head of Trian Partners. "We are now highly supportive of Wendy's management team and their initiatives, and we believe that these new board members will contribute to Wendy's plan to improve its profitability."
In addition, the board agreed that after the initial public offering of Tim Hortons Inc., it will examine ways to return excess cash to shareholders, including share repurchases or dividends.
