June 23 (Reuters) – Wendy’s on Tuesday named industry veteran Steve Cirulis chief financial officer, to succeed Ken Cook, effective immediately as the restaurant chain struggles with weak demand and activist investor pressure.
The appointment comes soon after the company last month named industry veteran Robert Wright president and CEO.
Here are some key details:
• Cirulis, 55, previously served as the financial chief of fast-casual restaurant chain Potbelly Corp, where Wright was the CEO.
• Activist Nelson Peltz’s Trian Fund Management was exploring investor backing last month for a potential bid to take the fast-food chain private.
• In February, Peltz said in an SEC filing that Wendy’s stock was undervalued and that he had spoken with potential financing sources about possible deals, including an acquisition.
• Wendy’s, whose shares are down about 13% so far this year, beat its first-quarter revenue and profit expectations.
• Cook, who has been the CFO since 2024, will remain in an advisory position through July to facilitate a smooth transition.
(Reporting by Koyena Das in Bengaluru; Editing by Joyjeet Das)
