Dave Thomas

These should be exciting times for Wendy's: It has revamped its burgers, spun off Arby's, expanded back into Japan, and is going to take another crack at the breakfast game. But despite all that, its share price is around the cost of its value meals, and that's unlikely to change.

Announcements made late Wednesday and early Thursday revealed that three large companies -- Wendy's, Costco, and Bank of New York Mellon -- are losing their CEOs. And while the first two cases sound like they'll result in smooth transitions, the third comes as something of a shock.

As the direct-marketing industry copes with the sudden death of pitchman Billy Mays, it's worth considering the fragile relationship between celebrity endorsement and death. In Mays's case, his premature departure should probably have minimal effect on OxiClean and Orange Glo. Similarly, with gold...