Wendy's Appoints Former Potbelly Exec Steve Cirulis as CFO
Wendy's hired Steve Cirulis as CFO and chief strategy officer, replacing Ken Cook, who was terminated but remains an advisor. Cirulis previously worked with new CEO Bob Wright at Potbelly, where they led a turnaround that boosted sales and share price 500%. The move is part of Wendy's "Project Fresh" turnaround plan amid four consecutive quarters of same-store sales declines, a 7.8% drop in Q1 2026, hundreds of store closures, and activist investor pressure.
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Wendy's appoints Steve Cirulis as CFO and Chief Strategy Officer
The Wendy's Company has appointed Steve Cirulis as its new chief financial officer and chief strategy officer, effective immediately. Cirulis succeeds Ken Cook, who will remain in an advisory capacity through next month to ensure a smooth transition. Cirulis will report to newly appointed CEO Bob Wright and will join the company's senior leadership team. Prior to joining Wendy's, Cirulis held the same dual roles at Potbelly Sandwich Works, where he worked alongside Wright. During their tenure at Potbelly, the company's share price rose over 500%, with double-digit gains in average unit volumes and improved margins. Cirulis brings nearly three decades of experience from previous senior roles at Panera Bread, McDonald's, and Gap. Wright expressed confidence that Cirulis will play a critical role in driving financial discipline, topline growth, and franchisee profitability as part of Wendy's turnaround strategy.
Yahoo FinanceWendy's stock surges on CFO hire, meme trader activity
Wendy's stock surged over 20% in premarket trading on June 24, 2026, after naming Steve Cirulis as CFO and chief strategy officer. The appointment triggered significant retail investor enthusiasm on platforms like Reddit and Stocktwits, with traders targeting the stock as a short-squeeze candidate. Short interest stood at around 26-30% of available shares. Cirulis previously worked with CEO Bob Wright at Potbelly, where they reportedly achieved a 500% share price increase. The surge comes after a prolonged slump that saw Wendy's shares lose nearly 40% over the prior twelve months, hitting a two-decade low the previous day, driven by declining domestic comparable-store sales.
Yahoo FinanceWendy's stock surges after reuniting Potbelly's dynamic duo with new CFO appointment
Wendy's stock price surged over 24% in premarket trading following the announcement that Steve Cirulis will join as Chief Financial Officer and Chief Strategy Officer. Cirulis previously held the same roles at Potbelly Sandwich Works, where he worked alongside Wendy's new CEO Bob Wright. During their tenure at Potbelly, the duo drove a 500% increase in the company's share price and double-digit growth in average unit volumes. Investors are optimistic that Cirulis and Wright can replicate that success at Wendy's, which has been struggling with declining foot traffic and store closures due to inflationary pressures. The appointment comes as Wendy's faces significant challenges, including shuttering hundreds of locations.
Yahoo FinanceWendy's names Steve Cirulis as CFO and Chief Strategy Officer
The Wendy's Company has appointed Steve Cirulis as its new Chief Financial Officer and Chief Strategy Officer, effective June 22, 2026. Cirulis, 55, previously served as CFO and CSO at Potbelly Sandwich Works, where he worked alongside Wendy's current President and CEO Bob Wright. Together, they orchestrated a turnaround at Potbelly that saw share prices rise over 500%, double-digit average unit volume growth, and improved restaurant margins. Cirulis brings nearly 30 years of experience from Panera Bread, McDonald's, and Gap Inc. He replaces Ken Cook, who served as CFO since 2024 and interim CEO from July 2025 to May 2026; Cook will stay as an advisor through July and receive 24 months of salary continuation. Cirulis will earn a base salary of $675,000, a target bonus of 90% of base, and long-term incentive awards valued at $1,650,000. Wendy's has posted negative same-store sales for four consecutive quarters, including a 7.8% decline in Q1 2026, and faces pressure from activist investor Trian Fund Management. Company shares have dropped approximately 13% since the start of 2026.
Yahoo FinanceWendy's appoints Steve Cirulis as CFO and Chief Strategy Officer
The Wendy's Company has named Steve Cirulis as its new Chief Financial Officer and Chief Strategy Officer, effective Monday. Cirulis, 55, previously served as CFO and Chief Strategy Officer at Potbelly Sandwich Works, where he collaborated with current Wendy's President and CEO Bob Wright on a turnaround that yielded a more than 500% rise in share price. He brings nearly 30 years of experience from Panera Bread, McDonald's, and Gap. Cirulis succeeds Ken Cook, who served as CFO since 2024 and as interim CEO from July 2025 until Wright's appointment in May 2026. Cook will remain as an advisor through July and receive extended salary continuation. Wendy's faces challenges including negative same-store sales for four consecutive quarters, a 7.8% drop in early 2026, and pressure from activist investor Nelson Peltz's Trian Fund Management. Cirulis will receive a base salary of $675,000 annually, plus performance bonuses and long-term incentive awards.
Yahoo FinanceWendy's names Potbelly alum to dual CFO, chief strategy role
Wendy's has appointed Steven Cirulis, former CFO and CSO of Potbelly Sandwich Works, as its new CFO and chief strategy officer. This move follows the recent appointment of another Potbelly veteran, Bob Wright, as Wendy's CEO in May 2026. Cirulis replaces Ken Cook, who served as interim CFO and will remain in an advisory role until July 31, 2026. Cirulis brings over 30 years of experience from Panera Bread, McDonald's, and Gap Inc. His compensation includes a $675,000 base salary, performance bonuses, and a $1.7 million long-term incentive package. The appointment is part of Wendy's 'Project Fresh' turnaround plan launched in October 2025, which aims to increase profitability and revise capital allocation strategy. At Potbelly, Cirulis and Wright led a successful turnaround that boosted sales and share price by 500%.
Yahoo FinanceWendy's Names Steve Cirulis as New CFO and Chief Strategy Officer
Wendy's announced on June 23, 2026, that it has hired Steve Cirulis as its new chief financial officer and chief strategy officer. Cirulis joins from Potbelly, where he held the same titles and worked under Bob Wright, who was named Wendy's CEO in May. Cirulis replaces Ken Cook, who had been interim CFO and interim CEO after Kirk Tanner's departure. Cook will serve as an advisor through July. Wright praised Cirulis' experience at Panera Bread, McDonald's, and Gap, stating his financial discipline and franchisee focus will aid the struggling brand. Wendy's has seen same-store sales decline for four consecutive quarters, including a 7.8% drop in early 2026, partly due to weakening breakfast sales. The chain has closed hundreds of stores and lost ground to competitors like Burger King. At Potbelly, Cirulis and Wright drove a turnaround that included double-digit growth in average-unit volumes and a 500% increase in share price, culminating in a sale to RaceTrac.
Yahoo FinanceWendy's Hires Former Potbelly Executive Steve Cirulis as CFO and Chief Strategy Officer
Wendy's has appointed Steve Cirulis as its new chief financial officer and chief strategy officer, effective June 23, 2026. He replaces Ken Cook, whose employment was terminated without cause by the board, though Cook will remain in an advisory role through July. Cirulis previously served as CFO and chief strategy officer at Potbelly, where he worked alongside Wendy's new CEO Bob Wright during the sandwich chain's turnaround and eventual acquisition by RaceTrac. The appointment comes as Wendy's faces several quarters of same-store sales declines, including a 7.8% drop in Q1 2026, hundreds of store closures, and pressure from activist investor Nelson Peltz. Wendy's is implementing Project Fresh, a turnaround plan launched in October. Cirulis brings 30 years of experience from Panera Bread, McDonald's, and Gap. He will report to Wright and serve on the Senior Leadership Team, tasked with driving financial discipline, topline growth, and franchisee profitability.
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