On Thursday, fast-food chain operator Triarc announced that billionaire activist investor Nelson Peltz has resigned as chairman of the company and will be succeeded by Roland Smith, chief executive of Arby’s Restaurant Group, which is franchised by Triarc.
Triarc’s chief operating officer, Peltz’s long-time associate Peter May also resigned, according to a filing with the Securities and Exchange Commission. According to the company, the departures are in accordance with contracts signed in April.
Shares of the New York-based company were up 1.0%, or 16 cents, at $15.9,1 in mid-day trading.
The filing came the same day as the company announced that at its annual meeting, stockholders elected Triarc’s 12 directors, including Peltz, May, and Smith.
Peltz and May will continue to serve on Triarc’s board as nonexecutive chairman and vice chairman, respectively, and remain large shareholders of Triarc.
Triarc is a holding company and, through subsidiaries, is a franchisor of Arby’s, and controls asset management firm Deerfield.
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