Wendy’s is hoping the third time is a allure. The burger chain named Bob Wright as its new CEO on Wednesday — its third chief in lower than three years, in line with CNBC. Wright, who led Potbelly by way of a post-pandemic turnaround earlier than promoting it to RaceTrac for $566 million final yr, inherits a franchise that reported its fifth straight quarter of declining same-store gross sales and introduced plans to shut about 300 eating places within the first half of this yr.
The management carousel has been powerful. Kirk Tanner left after solely 18 months to turn out to be CEO of Hershey. Earlier than him, the corporate ousted longtime CEO Todd Penegor after practically eight years. Shares have tumbled 35% over the previous yr, dragging Wendy’s market worth all the way down to $1.55 billion.
The timing is vital. Nelson Peltz’s Trian Fund Administration, which owns practically 8% of Wendy’s, is reportedly searching for funding to take the chain non-public. Peltz, who sits as chairman emeritus after 17 years on the board, beforehand explored a takeover in 2022 however backed off. The inventory’s collapse makes Wendy’s a less expensive goal now.
Wendy’s is hoping the third time is a allure. The burger chain named Bob Wright as its new CEO on Wednesday — its third chief in lower than three years, in line with CNBC. Wright, who led Potbelly by way of a post-pandemic turnaround earlier than promoting it to RaceTrac for $566 million final yr, inherits a franchise that reported its fifth straight quarter of declining same-store gross sales and introduced plans to shut about 300 eating places within the first half of this yr.
The management carousel has been powerful. Kirk Tanner left after solely 18 months to turn out to be CEO of Hershey. Earlier than him, the corporate ousted longtime CEO Todd Penegor after practically eight years. Shares have tumbled 35% over the previous yr, dragging Wendy’s market worth all the way down to $1.55 billion.
The timing is vital. Nelson Peltz’s Trian Fund Administration, which owns practically 8% of Wendy’s, is reportedly searching for funding to take the chain non-public. Peltz, who sits as chairman emeritus after 17 years on the board, beforehand explored a takeover in 2022 however backed off. The inventory’s collapse makes Wendy’s a less expensive goal now.
