Wendy’s Names New CEO as Sales Decline and Take-Private Talks Continue

Wendy’s named restaurant-industry veteran Robert D. Wright president and chief executive officer effective May 21. He replaces interim CEO Kenneth Cook, who will continue as chief financial officer. Wright previously worked at Wendy’s and later served as chief executive of Potbelly, where he oversaw operational changes.

Jonathan Maze, editor-in-chief of Restaurant Business, said the appointment brings relevant experience.

Wendy’s reported a 7.8 percent drop in U.S. same-restaurant sales in its most recent quarter and has recorded five consecutive quarters of declines. The company plans to close 5 to 6 percent of its U.S. restaurants in the first half of 2026. Average unit volume at Wendy’s locations reached about $2.1 million in 2024, compared with nearly $4 million at McDonald’s.

Sara Senatore, an analyst at Bank of America, told Newsweek that the share-price performance reflects concerns about brand positioning rather than the use of fresh beef.

Nelson Peltz’s Trian Fund Management holds roughly 15 percent of Wendy’s shares. Trian has discussed a possible take-private transaction with outside investors, including entities in the Middle East. Wedbush analysts estimated a potential price range of $9 to $12 per share, implying an equity value of $1.7 billion to $2.3 billion.

No formal offer has been submitted. Maze noted that securing financing may prove difficult and that private ownership does not guarantee additional capital for turnaround efforts. Wendy’s was founded in 1969 by Dave Thomas in Columbus, Ohio. The chain has maintained its original emphasis on fresh, never-frozen beef while facing competition from both larger and newer fast-food and fast-casual operators.