News

Wendy's International, Inc. announces management transition at Baja Fresh Mexican Grill

Bill Moreton will be the new Chief Executive Officer of Baja Fresh ~ Moreton is a former Executive VP and CFO of Panera Bread.

April 4, 2004

DUBLIN, Ohio, April 5 /PRNewswire-FirstCall/-- Wendy's International, Inc. (NYSE: WEN) announced today a management transition at Baja Fresh® Mexican Grill.Bill Moreton has been named Chief Executive Officer of the fast casual, Fresh Mexican restaurant chain. Moreton replaces Greg Dollarhyde, who has been Baja Fresh's CEO since 1998. Dollarhyde led the recapitalization of the business and built the leadership team and a strong franchise base at Baja Fresh. Wendy's International, Inc. acquired Baja Fresh in June of 2002. "Greg was instrumental in building Baja Fresh from a small chain to the leader in the Fresh Mexican restaurant sector," said Chairman and Chief Executive Officer Jack Schuessler. "This transition enables us to focus on Baja Fresh's goal of reaching 600 to 700 total restaurants by the end of 2008. Bill will focus on evolving the Baja Fresh concept to build on its leadership position in the fast casual restaurant industry. His priorities will include developing people and systems to enable Baja Fresh and our franchisees to reach their growth targets," Schuessler added. Moreton joined the Company in February 2004 as Executive Vice President of Subsidiary Brand Strategy. Prior to joining the Company, Moreton was Executive Vice President and Chief Financial and Administrative Officer for Panera Bread Co. During Moreton's tenure at Panera, he played a leadership role in the company's rapid growth and expansion from approximately 100 restaurants in 1998 to more than 500 restaurants as of April 2003. Moreton has held various senior management positions in the banking and restaurant industries, including Executive Vice President and Chief Financial and Administrative Officer for Houlihans Restaurant Group as well as Executive Vice President and Chief Financial Officer for Quality Dining, Inc. "Bill's extensive experience will be invaluable as we grow Baja Fresh into a leading, national brand," said Schuessler.Wendy's International, Inc. overviewWendy's International, Inc. is one of the world's largest restaurant operating and franchising companies with quality brands -- Wendy's Old Fashioned Hamburgers®, Tim Hortons® and Baja Fresh Mexican Grill. The Company invested in two additional quality brands during 2002 -- Cafe Express™ and Pasta Pomodoro®. More information about the Company is available at http://www.wendys-invest.com. Wendy's Old Fashioned Hamburgers was founded in 1969 by Dave Thomas and is the third largest quick-service hamburger restaurant chain in the world, with 6,501 restaurants in the United States, Canada and international markets. More information about Wendy's is available at http://www.wendys.com. Tim Hortons was founded in 1964 by Tim Horton and Ron Joyce and is the largest coffee and fresh baked goods restaurant chain in Canada. There are 2,358 Tim Hortons restaurants in Canada and 184 in the U.S. More information about Tim Hortons is available at http://www.timhortons.com. Baja Fresh Mexican Grill was founded in 1990 by Jim and Linda Magglos and is the leader in quality, fast-casual Mexican food. The chain has 294 restaurants in the United States. More information about Baja Fresh is available at http://www.bajafresh.com. Cafe Express was founded in 1984 by Robert Del Grande and Lonnie Schiller. The fast-casual, bistro-style restaurant chain has 18 units in Texas. Wendy's International, Inc. owns 70% of Cafe Express and will be consolidated in the Company's results beginning in 2004. More information about Cafe Express is available at http://www.cafe-express.com. Pasta Pomodoro was founded in 1994 by Adriano Paganini and operates 36 fast-casual, fresh Italian style restaurants in California and Arizona. Wendy's International, Inc. owns 25% (fully diluted) of Pasta Pomodoro. More information about Pasta Pomodoro is available at http://www.pastapomodoro.com. Safe Harbor statement Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, is forward looking. Factors set forth in our Safe Harbor under the Private Securities Litigation Reform Act of 1995, in addition to other possible factors not listed, could affect the Company's actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company's Safe Harbor statement at http://www.wendys-invest.com/safeharbor. Cafe Express is a trademark of Cafe Express, LLC Pasta Pomodoro is a registered trademark of Pasta Pomodoro, Inc.