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Wendy’s is hoping the third time is a charm. The burger chain named Bob Wright as its new CEO on Wednesday — its third leader in less than three years, according to CNBC. Wright, who led Potbelly through a post-pandemic turnaround before selling it to RaceTrac for $566 million last year, inherits a franchise that reported its fifth straight quarter of declining same-store sales and announced plans to close about 300 restaurants in the first half of this year.
The leadership carousel has been tough. Kirk Tanner left after only 18 months to become CEO of Hershey. Before him, the company ousted longtime CEO Todd Penegor after nearly eight years. Shares have tumbled 35% over the past year, dragging Wendy’s market value down to $1.55 billion.
The timing is key. Nelson Peltz’s Trian Fund Management, which owns nearly 8% of Wendy’s, is reportedly seeking funding to take the chain private. Peltz, who sits as chairman emeritus after 17 years on the board, previously explored a takeover in 2022 but backed off. The stock’s collapse makes Wendy’s a much cheaper target now.