Wendy's taps former Potbelly CEO to lead struggling burger chain
Wendy's has appointed Bob Wright as its new CEO amid ongoing struggles for the burger chain. The company has faced five consecutive quarters of declining same-store sales and is rumored to be a potential target for a take-private deal. Wright, who previously led a successful turnaround at Potbelly, will officially take over on Thursday.
- ▪Wendy's has reported its fifth straight quarter of same-store sales declines.
- ▪Bob Wright previously served as CEO of Potbelly, leading a turnaround for the sandwich chain.
- ▪Wendy's shares have dropped nearly 35% over the last year, making it a cheaper acquisition target.
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Wendy's has tapped Bob Wright as its latest chief executive, the company said Wednesday.The announcement comes on the heels of the struggling burger chain reporting its fifth straight quarter of same-store sales declines and rumors of a potential take-private deal led by Nelson Peltz's Trian Fund Management. Wright previously served as CEO of Potbelly for five years, leading a turnaround of the sandwich chain in the aftermath of pandemic lockdowns. Potbelly went private last year after convenience store owner RaceTrac bought it for $566 million. Wright officially becomes Wendy's CEO on Thursday.The chain has not had a permanent chief executive since Kirk Tanner left Wendy's in July to become CEO of Hershey. Tanner was only at Wendy's for about 18 months.
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