DWG Corp. Changes Name, Appoints Officers
MIAMI (AP) _ DWG Corp. on Monday announced a name change and the appointment of new executive officers for Arby’s, RC Cola and other subsidiaries.
Nelson Peltz and Peter May, who acquired the controlling interest of the Miami Beach-based conglomerate last week from Victor Posner, said the company will now be called Triarc Companies Inc.
The new name, subject to shareholders’ approval, was ″to symbolize a new beginning for the company,″ the company said in a release.
Shareholders approved the sale last week of Posner’s controlling interest of DWG to Trian Group, a New York investment group headed by Peltz and May.
Peltz will serve as chairman and chief executive officer of the company. May will be president and chief operating officer.
Posner, who ruled over DWG for more than 25 years, agreed to accept $72 million for half of his 46.3 percent interest. The remainder is being exchanged for non-voting preferred stock.
The transfer, which resolved a four-year dispute between Posner and minority shareholders, was approved by U.S. District Judge Thomas D. Lambros of Cleveland, who presided over several shareholder lawsuits against DWG.
The board of the directors also announced new chief executive officers for three of its major businesses:
- John C. Carson as president and chief executive officer of the Royal Crown Cola Company. He was formerly president of Cadbury Beverages, North America.
- Donald L. Pierce as president and chief executive officer of Arby’s, the fast food chain. He has served as president of Pepsico Inc.‘s Hot ’n Now hamburger chain, president of Kentucky Fried Chicken-International and president and chief operating officer of Denny’s.
- Ronald D. Paliughi as president and chief executive officer for National Propane Corp. He was formerly senior vice president of AP Propane, a joint venture between Prudential Insurance and Amerigas Propane.