May 20 (Reuters) – Wendy’s on Wednesday named industry veteran Robert Wright as president and chief executive officer, effective May 21, as the restaurant chain battles weak sales and pressure from an activist investor.
The CEO change comes days after a report that activist Nelson Peltz’s Trian Fund Management was exploring investor backing 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.
Wright will take over from interim head and CFO Kenneth Cook, who was appointed to the top role after previous chief Kirk Tanner took the CEO job at chocolate maker Hershey last year.
Wright most recently served as the president and CEO of fast-casual restaurant chain Potbelly Corp and has previously held senior leadership roles at Wendy’s as well as Charleys Philly Steaks and Domino’s Pizza.
Cook will continue in his role as CFO, Wendy’s said.
The Dublin, Ohio-based company has struggled with persistent sales declines in the past quarters, as consumers turn more cautious about dining out amid higher costs of living in the United States.
Wendy’s stock, which has fallen for four consecutive years, was down about 2% in early trading on Wednesday.
(Reporting by Koyena Das in Bengaluru; Editing by Shreya Biswas and Devika Syamnath)
