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Wendy's Names Industry Veteran Robert Wright as Chief Executive

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Wendy's Names Industry Veteran Robert Wright as Chief Executive

Wendy's (WEN) said Wednesday it appointed quick-service restaurant industry veteran Robert Wright as chief executive, marking his return to the fast food chain.

Wright, who will assume the CEO and president roles effective Thursday, will also join the company's board.

Wright most recently served as CEO and president of Potbelly. Previously, he served as chief operations officer at Wendy's and held leadership positions at Domino's Pizza (DPZ), Charleys Philly Steaks, and Checkers Drive-In Restaurants.

Wendy's interim CEO Ken Cook will continue as chief financial officer as part of the transition, the company said.

Cook took on the interim CEO role after former CEO Kirk Tanner left the company in July to assume the CEO and president positions at chocolate maker Hershey (HSY).

Wendy's shares were down 3.3% in Wednesday late-afternoon trade. So far this year, the stock has lost 5.8% in value.

Last week, London's Financial Times reported that activist investor Nelson Peltz's Trian Fund Management was looking to take Wendy's private. Trian is already the fast food chain's largest shareholder, according to that report.

Earlier this month, Wendy's reiterated its full-year outlook after its fiscal first-quarter revenue unexpectedly increased year over year.

Price: $7.87, Change: $-0.25, Percent Change: -3.14%

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