Wendy's Taps Bob Wright as CEO Amid Struggles and Potential Take-Private Deal

Wendy's has tapped Bob Wright as its latest chief executive, the company said Wednesday. The announcement comes on the heels of the struggling burger chain reporting its fifth straight quarter of same-store sales declines and rumors of a potential take-private deal led by Nelson Peltz's Trian Fund Management. Wright previously served as CEO of Potbelly for five years, leading a turnaround of the sandwich chain in the aftermath of pandemic lockdowns. Potbelly went private last year after convenience store owner RaceTrac bought it for $566 million. Wright officially becomes Wendy's CEO on Thursday. The chain has not had a permanent chief executive since Kirk Tanner left Wendy's in July to become CEO of Hershey. Tanner was only at Wendy's for about 18 months. Before Tanner's tenure, Wendy's ousted longtime CEO Todd Penegor, who had led the chain for nearly eight years. In the time since Tanner's departure, Wendy's has struggled to attract consumers who are increasingly value conscious and has lost market share to rivals McDonald's and Burger King. In February, the company announced plans to close about 300 restaurants in the first half of the year. Shares of Wendy's have tumbled nearly 35% over the last year, dragging its market value down to $1.55 billion. The company's skid makes it a much cheaper acquisition target for Trian. The Financial Times reported earlier this month that the firm is seeking funding to take Wendy's private. It isn't the first time that Trian has considered it; most recently, the firm said it was exploring a takeover of Wendy's in 2022, but later decided against it. Trian owns a 7.85% stake in Wendy's, and Peltz has a 16.24% interest, according to a recent regulatory filing that also called the stock "undervalued." Peltz's relationship with Wendy's dates back to an activist campaign he led in 2005. In 2024, Wendy's named Peltz as chairman emeritus after he spent 17 years on the company's board. Trian executive Peter May and Peltz's son, Bradley, still sit on Wendy's board.