Wendy’s hires former Potbelly exec as CFO

Wendy's has appointed Steve Cirulis as its new Chief Financial Officer (CFO) and Chief Strategy Officer, effective immediately. Cirulis succeeds Ken Cook, who has been with the company since 2024 and recently served as interim CEO. Cook’s employment was terminated without cause, and he will assist with the transition in an advisory capacity through July.

Cirulis joins Wendy's from Potbelly, where he held similar roles and worked closely with Wendy’s new CEO, Bob Wright. During Cirulis’s tenure at Potbelly, which included a significant brand turnaround and its eventual acquisition by RaceTrac, the chain experienced a dramatic 500% increase in share price alongside double-digit growth in average unit volumes. Cirulis brings approximately 30 years of experience in senior strategy and finance roles across major brands like Panera Bread and McDonald's, indicating a strong background in restaurant financial management.

This appointment comes as Wendy's faces challenges, including several consecutive quarters of same-store sales declines—highlighted by a 7.8% drop in Q1 2026—alongside the closure of numerous locations and heightened scrutiny from an activist investor. The company is currently executing Project Fresh, a turnaround initiative launched last October, aimed at revitalizing the brand.

Wright emphasized the importance of financial discipline and franchisee profitability for Wendy's success moving forward, stating, “Driving solid financial discipline, topline growth and enhanced franchisee profitability are essential to our future success.” Cirulis's experience may suggest a strategic pivot towards strengthening the company's financial foundation while addressing operational challenges.

Going forward, it will be important to monitor how Cirulis's financial strategies impact Wendy's ongoing turnaround efforts and whether they lead to stabilization in sales and franchise growth amidst current pressures.