A Wendy’s restaurant sign is seen on November 10, 2025 in Austin, Texas.
Brandon Bell | Getty Images
Wendy’s has named Bob Wright its latest chief executive officer, the company announced Wednesday.
The announcement follows the struggling burger chain’s report of a fifth straight quarter of declining same-store sales and rumors of a possible going private deal led by Nelson Peltz’s Trian Fund Management.
Wright previously served as CEO of Potbelly for five years, leading the sandwich chain’s turnaround following pandemic lockdowns. Potbelly went private last year after convenience store owner RaceTrac bought it for $566 million.
Wright officially becomes CEO of Wendy’s on Thursday.
The chain has not had a permanent CEO since Kirk Tanner left Wendy’s in July to become CEO of Hershey. Tanner was only at Wendy’s for about 18 months. Prior to Tanner’s tenure, Wendy’s ousted longtime CEO Todd Penegor, who led the chain for nearly eight years.
Since Tanner’s departure, Wendy’s has struggled to attract increasingly value-conscious consumers and has lost market share to competitors. McDonald’s and Burger King. In February, the company announced plans to close about 300 restaurants in the first half.
Wendy’s shares have fallen nearly 35% over the past year, dropping its market value to $1.55 billion.
The company’s slide makes it a much cheaper acquisition target for Trian.
The Financial Times reported earlier this month that the company was seeking funds to take Wendy’s private. This isn’t the first time Trian has thought about it; Most recently, the company said it was considering a 2022 takeover of Wendy’s, but then decided against it.
Trian has a 7.85% stake in Wendy’s and Peltz has a 16.24% stake, according to a recent regulatory filing that also calls 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 chairman emeritus after spending 17 years on the company’s board of directors. Trian executive Peter May and Peltz’s son Bradley still serve on Wendy’s board.