Former Wendy’s CEO, Todd Penegor, has been appointed to the Board of Directors of Dutch Bros Inc. as an independent director. Penegor brings over 20 years of executive leadership experience, having served as President and CEO of The Wendy’s Company before retiring in February 2024. He is also currently on the board of directors of Ball Corporation, Perrigo Company plc, and Michigan State University* Eli Broad College of Business.
This announcement comes shortly after the addition of G.J. Hart, President and CEO of Red Robin Gourmet Burgers, Inc., as Director and Chair of the Compensation Committee on June 4, 2024. Dutch Bros Inc. appears to be actively strengthening its board with experienced industry leaders.
Dutch Bros Inc. operates and franchises drive-thru shops, offering a variety of hand-crafted beverages. As of March 31, 2024, the company has 876 locations across 17 states. The company prides itself on its focus on quality, speed, and service, and aims to make a significant impact in the lives of its employees, customers, and communities.
The addition of Penegor and Hart to the board reflects Dutch Bros' commitment to building a board of directors that understands the needs of a high-growth company dedicated to scaling both performance and culture. This move suggests that Dutch Bros is positioning itself for further growth and success in the future. As a result of these announcements, the company's shares have moved -0.1% on the market, and are now trading at a price of $39.04. Check out the company's full 8-K submission here.
