Big Investor Still Has a Beef With Wendy’s

While grabbing headlines at the moment for his pressure on Walt Disney, activist investor Nelson Peltz has held far more sway for far longer at burger chain Wendy’s.

Last summer Mr. Peltz raised the prospect of the chain being sold or of his firm, Trian Fund Management, itself buying the approximately 80% of the shares it doesn’t yet own. In January Trian formally dropped those plans. Instead, Wendy’s announced a corporate redesign and doubled its dividend, sending the shares higher. It also announced an enlarged $500 million stock-buyback program.