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Highfields begs Wendy's to put itself on the 99 cent value menu

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Has anyone walked into a Manhattan Wendy's lately (they can be tough to spot)? Aside from feeling like Vladimir (or Estragon, or even the dude on the leash) in the interminable queue, and wanting some bloodwork done (and possibly and STD test) after your meal, it's clear to see that the place is slipping. This is why Highfields Capital Management, the largest institutional shareholder of Wendy's with an 8.5% stake, sent an aggressive letter to Wendy's board this week. Wendy's current board, which contains the Golden Girls and 10 Dave Thomas impersonators (seriously, check it out), must be a bit worried about Highfields' myriad of complaints, primarily the one about the current board members running the company. The investor wants Wendy's to go one step beyond the initiative to explore "strategic options" which the board laid out last month and sell the company to anyone who's willing to actually exchange something of value for it.
Highfields' letter dissed the company's decision to name former CFO Kerrii Anderson the new CEO (primarily because of the spelling of her first name, and the fact that Kerrii often puts two hearts over those "i"s) and said that the company's recent results, marketing strategy, Frescata sandwiches, efforts to improve operations and same-store musk levels have been total crap. The letter asks several other tough questions like, "Why aren't you disclosing the members of your secret strategic review committe?," and "What's in a frosty?".
Wendy's Shareholder Pushes for the Sale of Chain [Wall Street Journal]