Nelson Peltz is stepping down as chair of Wendy's , ending a 17-year reign at the fast-food chain. "In our view, [Peltz's departure] opens the door for a new chapter under new Chairman Art Winkleblack & new CEO Kirk Tanner," T.D. He is stepping down to devote more time to his other board commitments and Trian Partners' future activities, according to Wendy's. Heinz, is now non-executive chair of Wendy's board. Clarification: This story has been updated to include the combined ownership stake of Trian and Peltz.

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Persons: Nelson Peltz, Wendy's, Kirk Tanner, Winkleblack, T.D, Cowen, Andrew Charles, Peltz, Trian, Heinz Organizations: Alpha, PepsiCo, Trian Partners, Trian Fund Management Locations: New York, Wendy's, Trian