THE WENDY'S COMPANY NAMES STEVE CIRULIS CHIEF FINANCIAL OFFICER AND CHIEF STRATEGY OFFICER

The Wendy's Company (Nasdaq: WEN) appointed Steve Cirulis as Chief Financial Officer and Chief Strategy Officer, effective June 23, 2026.

Rhea-AI Summary

The Wendy's Company (Nasdaq: WEN) appointed Steve Cirulis as Chief Financial Officer and Chief Strategy Officer, effective June 23, 2026. He will report to President and CEO Bob Wright and join the Senior Leadership Team.

Cirulis succeeds Ken Cook, CFO since 2024, who will serve in an advisory role through July to support a smooth transition. Cirulis previously held the same dual role at Potbelly Sandwich Works and has nearly 30 years of strategy and finance experience at brands including Panera Bread, McDonald's and Gap. Leadership credits Cook with helping establish the Project Fresh strategy as part of Wendy's turnaround efforts.

Positive

• Appointment of seasoned executive as both CFO and Chief Strategy Officer effective June 23, 2026
• Orderly CFO transition with outgoing CFO remaining as advisor through July
• Incoming CFO has nearly 30 years of restaurant, retail and consulting experience
• Prior partnership between CEO and incoming CFO on a restaurant brand turnaround
• Board highlights Project Fresh strategy as part of ongoing turnaround efforts

Negative

• Change in CFO after roughly two years in the role
• Leadership transition during an ongoing turnaround may introduce execution risk

Argus Jun 23 session

+1.38% close to close Open Argus

Details

News Market Reaction – WEN

On Jun 23, the day this news came out, WEN closed 1.38% above the previous close.

Data tracked by StockTitan Argus for the Jun 23 session.

Key Figures

Share price increase: more than 500% Industry experience: nearly 30 years

Share price increase

more than 500%

Potbelly share price change over Cirulis and Wright's tenure

Industry experience

nearly 30 years

Cirulis' tenure across food, beverage, retail and restaurant brands

Historical Context

5 past events · Latest: Jun 08

5 events

1. Jun 08

   Promotional campaign

   24h Move

   -0.1%

   Launch of limited-time Minions & Monsters themed meals and collectibles.

2. May 20

   Executive appointment

   24h Move

   -2.5%

   Appointment of Bob Wright as President and CEO with board membership.

3. May 19

   Brand marketing event

   24h Move

   +1.3%

   Announcement of NYC Wendy look-alike contest for World Redhead Day.

4. May 19

   Press release correction

   24h Move

   +1.3%

   Correction release related to the World Redhead Day promotional event.

5. May 08

   Earnings report

   24h Move

   +5.0%

   Q1 2026 results with sales metrics, earnings, dividend and outlook reaffirmation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

average unit volumes, restaurant margin, return on invested capital, franchisee profitability

4 terms

average unit volumes financial

"experienced a more than 500% increase in share price, double-digit growth in average unit volumes"

Average unit volumes (AUV) measure the typical sales generated by a single location, outlet, or franchise over a set period, such as a year or quarter. Investors use AUV to gauge how well individual stores are performing—like checking the average earnings of each branch of a chain—because rising AUV suggests stronger customer demand or operational efficiency while falling AUV can signal weakening sales or problems scaling growth.

restaurant margin financial

"double-digit growth in average unit volumes, substantial restaurant margin expansion"

Restaurant margin is the portion of a restaurant’s sales that remains after paying the costs of making and serving food, plus other operating expenses like wages, rent, and utilities, usually expressed as a percentage. For investors, it shows how efficiently a restaurant turns revenue into profit and indicates pricing power and cost control—similar to how much of a paycheck is left after paying monthly bills. Higher margins generally mean a restaurant is more profitable and resilient.

return on invested capital financial

"substantial restaurant margin expansion and robust improvement in return on invested capital"

A percentage that shows how effectively a company turns the money invested in its business—both borrowed funds and shareholders’ equity—into operating profit after taxes. It tells investors whether a company earns more from its core operations than it costs to fund those operations; think of it like the annual return you’d expect from renovating a rental property—higher percentages mean the company uses capital more efficiently and is more likely to create value for shareholders.

franchisee profitability financial

"Driving solid financial discipline, topline growth and enhanced franchisee profitability are essential"

Franchisee profitability measures how much profit a franchise owner keeps after paying all operating costs, royalties, franchise fees and taxes. It matters to investors because healthy franchisee profits indicate a sustainable business model, likely steady system-wide sales and lower risk of store closures, much like a franchisee’s net take-home pay signals whether a small shop can thrive under a brand’s rules and costs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Cirulis to Succeed Ken Cook Effective June 23

DUBLIN, Ohio, June 23, 2026 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today announced the appointment of Steve Cirulis as Chief Financial Officer and Chief Strategy Officer, effective June 23, 2026. He will report to President and Chief Executive Officer Bob Wright and serve on Wendy's Senior Leadership Team. Cirulis will succeed Ken Cook, who has served as Chief Financial Officer since 2024 and will remain in an advisory position through July to facilitate a smooth transition.

Cirulis most recently served as Chief Financial Officer and Chief Strategy Officer for Potbelly Sandwich Works, where he led all financial, strategy, analytics and risk management functions. While at Potbelly, he partnered with our current CEO, Bob Wright, to lead a company and brand turnaround that, over their tenure, experienced a more than 500% increase in share price, double-digit growth in average unit volumes, substantial restaurant margin expansion and robust improvement in return on invested capital. Prior to Potbelly, Cirulis held senior strategy and finance roles at global restaurant and retail brands including Panera Bread, McDonald's, and Gap, Inc. In total, he has spent nearly 30 years with leading brands and consultancies across the food, beverage, retail and restaurant spaces.

"Driving solid financial discipline, topline growth and enhanced franchisee profitability are essential to our future success," said President and CEO Bob Wright. "I am confident that Steve will play a critical role as we execute the turnaround of Wendy's, driving growth and generating value for our franchisees, employees and shareholders. With decades of deep experience across large-scale retail and restaurant brands, Steve brings a wealth of expertise across a breadth of disciplines that will benefit our system from day one."

"It is an honor to join this iconic brand at such a pivotal time in its history," said Steve Cirulis. "I believe there is a tremendous opportunity at Wendy's to drive topline growth, franchisee profitability and improved shareholder value, and I am eager to get to work with our talented employees and franchisees to unlock the potential of our entire system."

Wright continued, "I also want to thank Ken Cook for his contributions to our system. Ken was a steadfast leader at a critical time of change for Wendy's, and I wish him well in his next chapter beyond Wendy's."

Chairman of the Board Art Winkleblack added, "The Board is grateful for Ken Cook's impact on Wendy's, serving as both CFO and Interim CEO in his tenure. Under his leadership, Wendy's established the Project Fresh strategy, which was an instrumental start to the brand's turnaround."

Forward-Looking Statements

This release contains certain statements that are not historical facts, including statements regarding our anticipated future performance and growth. Those statements constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). The forward-looking statements are based on our expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These factors include, but are not limited to, the factors identified in the "Special Note Regarding Forward-Looking Statements and Projections" and "Risk Factors" sections of our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. For all forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act.

About Wendy's 
The Wendy's Company (Nasdaq: WEN) and Wendy's^® franchisees employ hundreds of thousands of people across more than 7,000 restaurants worldwide. Founded in 1969, Wendy's is committed to the promise of Fresh Famous Food, Made Right, For You, delivered to customers through its craveable menu including made-to-order square hamburgers using fresh beef*, and fan favorites like the Spicy Chicken Sandwich and nuggets, Baconator^®, and the Frosty^® dessert. Wendy's supports the Dave Thomas Foundation for Adoption^®, established by its founder, which seeks to dramatically increase the number of adoptions of children waiting in North America's foster care system. Learn more about Wendy's at www.wendys.com. For details on franchising, visit www.wendys.com/franchising. Connect with Wendy's on X, Instagram and Facebook.

*Fresh beef available in the contiguous U.S. and Alaska, as well as Canada, Mexico, Puerto Rico, the UK, and other select international markets.

Media Contact:
Heidi Schauer
Vice President – Communications, Public Affairs & Customer Care
(614) 764-3368; heidi.schauer@wendys.com 

Investor Contact:
Aaron Broholm
Head of Investor Relations
(614) 764-3345; aaron.broholm@wendys.com

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SOURCE The Wendy’s Company

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is the new CFO of The Wendy's Company (Nasdaq: WEN) in 2026?

The Wendy's Company appointed Steve Cirulis as Chief Financial Officer and Chief Strategy Officer, effective June 23, 2026. According to the company, he joins the Senior Leadership Team and reports directly to President and CEO Bob Wright.

When does Steve Cirulis start as CFO and Chief Strategy Officer at Wendy's (WEN)?

Steve Cirulis assumes the roles of Chief Financial Officer and Chief Strategy Officer at Wendy's on June 23, 2026. According to the company, outgoing CFO Ken Cook will advise through July to ensure a smooth leadership transition.

What is the background of Wendy's new CFO and CSO Steve Cirulis (WEN)?

Steve Cirulis previously served as CFO and Chief Strategy Officer at Potbelly Sandwich Works. According to Wendy's, he has nearly 30 years of experience at Panera Bread, McDonald's, Gap and other food, beverage, retail and restaurant organizations.

What happens to outgoing Wendy's CFO Ken Cook after the 2026 leadership change?

Ken Cook will remain in an advisory position through July following the CFO transition. According to Wendy's, he previously served as both CFO and Interim CEO and helped establish the Project Fresh strategy during the company’s turnaround efforts.

How could Steve Cirulis' appointment impact Wendy's (WEN) turnaround strategy?

Steve Cirulis is expected to support Wendy's ongoing turnaround efforts in finance and strategy. According to company leadership, his past collaboration with CEO Bob Wright on a brand turnaround may aid goals for topline growth and franchisee profitability.

What experience does Wendy's new CFO Steve Cirulis have with restaurant turnarounds?

Steve Cirulis worked with Bob Wright at Potbelly Sandwich Works on a company and brand turnaround. According to Wendy's, that period included share price gains, double-digit average unit volume growth, margin expansion and improved return on invested capital.