Financier Buys Wendy’s Stake, Urges Overhaul

Billionaire Nelson Peltz bought a 5.5% stake in Wendy’s International Inc. and urged the company to cut costs and sell assets, saying a management plan to boost the stock price doesn’t go far enough.

Wendy’s should cut $200 million in costs and sell its Baja Fresh, Cafi Express and Pasta Pomodoro brands, Peltz said in a regulatory filing.

Wendy’s Chief Executive Jack Schuessler said the company was “on track” with a turnaround plan that included selling a stake in Tim Hortons, a chain of doughnut shops in Canada, to the public and shedding real estate.

Shares rose $3.63 to $55.