Fast-food chain Wendy’s has appointed Robert Wright as its new president and CEO, effective May 21, replacing interim boss Kenneth Cook. Wright, a restaurant industry veteran, previously led Potbelly Corp and held senior roles at Wendy’s, Domino’s Pizza and Charleys Philly Steaks. The leadership change comes as billionaire activist investor Nelson Peltz’s Trian Fund Management reportedly explores a potential bid to take the company private.
Cook, who stepped in after former CEO Kirk Tanner left for Hershey last year, will remain as chief financial officer. The shake-up follows a difficult period for Wendy’s, which reported a 10% drop in global same-store sales in the fourth quarter of 2025, worse than the 8.5% decline analysts had expected. US same-store sales fell even further.
Wendy’s has been closing underperforming locations. It shut 28 restaurants in the fourth quarter and ended 2025 with 5,969 US outlets. The company expects to close between 5% and 6% of its US restaurants—298 to 358 locations—in the first half of 2026, on top of 240 closures in 2024. The chain cited outdated stores as a reason for the closures.
Like rivals McDonald’s and Taco Bell, Wendy’s plans to focus on value to attract inflation-weary customers. In a February investor call, Cook admitted the company had “swung the pendulum too far towards limited-time price promotions instead of everyday value.”
