DUBLIN, OH – In a move signaling a robust commitment to long-term growth and operational revitalization, The Wendy’s Company (Nasdaq: WEN) has officially announced the appointment of Steve Cirulis as its new Chief Financial Officer (CFO) and Chief Strategy Officer (CSO). Effective June 23, 2026, Cirulis will join the Senior Leadership Team, reporting directly to President and Chief Executive Officer Bob Wright.

The transition comes at a critical juncture for the world’s third-largest quick-service hamburger company, as it seeks to navigate an increasingly competitive global landscape and solidify its "Project Fresh" turnaround strategy. Cirulis succeeds Ken Cook, who has held the CFO mantle since 2024. To ensure a seamless handover of fiscal and strategic responsibilities, Cook will remain with the company in an advisory capacity through the end of July 2026.

Main Facts: A Dual Mandate for Growth

The appointment of Steve Cirulis is noteworthy not only for his extensive pedigree in the restaurant sector but also for the dual nature of his role. By combining the offices of Chief Financial Officer and Chief Strategy Officer, Wendy’s is aligning its financial stewardship directly with its long-term corporate vision.

Cirulis’s primary mandate will involve driving "solid financial discipline," enhancing "topline growth," and—perhaps most importantly for the brand’s massive network—improving "franchisee profitability." As Wendy’s continues to expand its global footprint, which currently exceeds 7,000 restaurants, the integration of strategy and finance under one executive suggests a desire for more agile decision-making and a unified approach to capital allocation.

The move reunites Cirulis with CEO Bob Wright. The duo previously collaborated at Potbelly Sandwich Works, where they were credited with orchestrating one of the most successful turnarounds in recent fast-casual history. Their partnership is expected to bring a "tried and tested" synergy to the Wendy’s C-suite as the brand faces pressure from rising labor costs, evolving consumer digital habits, and intense promotional wars within the QSR (Quick Service Restaurant) space.

Chronology: The Road to Dublin, Ohio

Steve Cirulis’s journey to the Wendy’s headquarters in Dublin is paved with nearly three decades of experience across high-stakes retail and food-service environments.

The Early Career and Global Foundations

Cirulis’s career began in the trenches of leading consultancies and major retail brands. He spent significant time at Gap, Inc., where he honed his skills in large-scale retail operations and financial planning during an era of significant digital transition for the apparel giant. His transition into the food and beverage sector was marked by senior roles at McDonald’s, providing him with an insider’s view of the complexities involved in managing a global hamburger franchise system.

The Panera Bread and Potbelly Eras

Prior to his most recent successes, Cirulis held leadership positions at Panera Bread, a brand known for its early adoption of digital loyalty programs and high-quality "fast-casual" positioning.

However, it was his tenure as CFO and CSO of Potbelly Sandwich Works that truly defined his reputation as a turnaround specialist. Joining Potbelly at a time of stagnation, Cirulis, alongside then-colleague Bob Wright, implemented a series of rigorous financial and operational overhauls. Under their combined leadership, Potbelly underwent a radical transformation that saw the brand return to profitability and significantly increase its market valuation.

The Wendy’s Transition (2024–2026)

While Cirulis was revitalizing Potbelly, Wendy’s was navigating its own period of change. Under Ken Cook, who took the CFO role in 2024, Wendy’s launched "Project Fresh." This initiative focused on menu innovation, restaurant modernization, and a renewed focus on the brand’s core identity: fresh, never-frozen beef. Cook also stepped in as Interim CEO during a leadership transition, providing stability for the brand.

With the announcement on June 23, 2026, the baton officially passes from Cook’s era of stabilization to Cirulis’s era of projected "robust growth."

Supporting Data: The "Cirulis Effect" by the Numbers

The decision by Wendy’s Board of Directors to tap Cirulis is backed by a track record of data-driven success. During his tenure at Potbelly, the financial metrics were nothing short of transformative:

• Share Price Appreciation: Under the Wright-Cirulis leadership team, Potbelly experienced a staggering 500% increase in share price, reflecting renewed investor confidence and improved market positioning.
• Average Unit Volume (AUV): The team achieved double-digit growth in AUV, a critical metric in the restaurant industry that measures the average sales per individual location.
• Margin Expansion: Cirulis oversaw a "substantial restaurant margin expansion," achieved through supply chain optimization and labor efficiency without compromising product quality.
• ROIC: A "robust improvement in Return on Invested Capital (ROIC)" ensured that the company was generating maximum value from its assets.

At Wendy’s, Cirulis inherits a system with over 7,000 restaurants and a massive workforce. Investors will be looking for similar double-digit improvements in AUV and a continued push toward the "Project Fresh" goals, which aim to modernize the aging fleet of Wendy’s locations to better compete with digital-first competitors.

Official Responses: Leadership Perspectives

The leadership at Wendy’s has expressed high confidence that Cirulis is the right architect for the brand’s next chapter.

Bob Wright, President and CEO:
"Driving solid financial discipline, topline growth, and enhanced franchisee profitability are essential to our future success. 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."

Steve Cirulis, Incoming CFO and CSO:
"It is an honor to join this iconic brand at such a pivotal time in its history. 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."

Art Winkleblack, Chairman of the Board:
"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."

Implications: What This Means for the Industry and Investors

The appointment of Steve Cirulis carries several implications for the broader fast-food industry and Wendy’s internal operations.

1. The Reunification of a "Winning Team"

The industry often watches "leadership reunions" closely. The fact that Wright and Cirulis are reforming the team that saved Potbelly suggests that Wendy’s board believes the Potbelly playbook—focusing on unit-level economics and a clear, differentiated brand strategy—is applicable to the much larger Wendy’s ecosystem.

2. A Focus on Franchisee Health

In a franchised system, the brand is only as strong as its operators. By explicitly mentioning "franchisee profitability" in his opening statement, Wright is signaling to the Wendy’s franchise community that the new CFO will prioritize lowering operational costs and increasing the "bottom line" for local owners. This is crucial as Wendy’s looks to encourage franchisees to invest in expensive "Project Fresh" remodels.

3. Strategic Integration of Finance and Vision

Traditionally, the CFO manages the purse strings while the CSO manages the long-term roadmap. By merging these roles, Wendy’s is ensuring that every strategic move is financially viable from the outset. This "leaner" executive approach is becoming more common in companies undergoing significant structural shifts.

4. The Digital and International Frontier

With his background at McDonald’s and Panera Bread, Cirulis is well-versed in the "Digital QSR" race. Investors expect Cirulis to lean heavily into Wendy’s digital loyalty programs and delivery partnerships. Furthermore, with Wendy’s expanding in the UK, Canada, and Mexico, his experience with global brands will be vital in navigating international currency fluctuations and supply chain logistics.

Conclusion: A New Chapter for the "Square Hamburger"

As Wendy’s prepares for the June 23 transition, the market remains cautiously optimistic. The brand has maintained its identity since Dave Thomas founded it in 1969—fresh beef, the Frosty, and a commitment to adoption through the Dave Thomas Foundation. However, in the 2020s, nostalgia is not enough.

By bringing in Steve Cirulis, Wendy’s is betting on a leader who understands that the path to the future is paved with rigorous data, financial discipline, and a willingness to reinvent the "turnaround" playbook. As the "Project Fresh" strategy enters its next phase, all eyes will be on Dublin, Ohio, to see if the Wright-Cirulis partnership can replicate its past successes on a global stage.

About Wendy’s
The Wendy’s Company (Nasdaq: WEN) and its franchisees employ hundreds of thousands of people across more than 7,000 restaurants worldwide. Known for its square hamburgers and the iconic Frosty® dessert, Wendy’s remains a leader in the QSR industry, committed to quality and community through the Dave Thomas Foundation for Adoption®. For more information, visit Wendys.com.