A Wendy’s restaurant signal is seen on Nov. 10, 2025 in Austin, Texas.
Brandon Bell | Getty Photos
Wendy’s has tapped Bob Wright as its newest chief government, the corporate stated Wednesday.
The announcement comes on the heels of the struggling burger chain reporting its fifth straight quarter of same-store gross sales declines and rumors of a possible take-private deal led by Nelson Peltz’s Trian Fund Administration.
Wright beforehand served as CEO of Potbelly for 5 years, main a turnaround of the sandwich chain within the aftermath of pandemic lockdowns. Potbelly went personal final yr after comfort retailer proprietor RaceTrac purchased it for $566 million.
Wright formally turns into Wendy’s CEO on Thursday.
The chain has not had a everlasting chief government since Kirk Tanner left Wendy’s in July to turn out to be CEO of Hershey. Tanner was solely at Wendy’s for about 18 months. Earlier than Tanner’s tenure, Wendy’s ousted longtime CEO Todd Penegor, who had led the chain for almost eight years.
Within the time since Tanner’s departure, Wendy’s has struggled to draw customers who’re more and more worth acutely aware and has misplaced market share to rivals McDonald’s and Burger King. In February, the corporate introduced plans to shut about 300 eating places within the first half of the yr.
Shares of Wendy’s have tumbled almost 35% during the last yr, dragging its market worth right down to $1.55 billion.
The corporate’s skid makes it a less expensive acquisition goal for Trian.
The Monetary Instances reported earlier this month that the agency is in search of funding to take Wendy’s personal. It is not the primary time that Trian has thought of it; most lately, the agency stated it was exploring a takeover of Wendy’s in 2022, however later determined towards it.
Trian owns a 7.85% stake in Wendy’s, and Peltz has a 16.24% curiosity, in keeping with a current regulatory submitting that additionally known as the inventory “undervalued.”
Peltz’s relationship with Wendy’s dates again to an activist marketing campaign he led in 2005. In 2024, Wendy’s named Peltz as chairman emeritus after he spent 17 years on the corporate’s board. Trian government Peter Might and Peltz’s son, Bradley, nonetheless sit on Wendy’s board.