Key facts
- Wendy's appointed Steve Cirulis as Chief Financial Officer and Chief Strategy Officer, effective June 23, 2026.
- Cirulis, 55, previously served as CFO and Chief Strategy Officer at Potbelly Sandwich Works.
- He will report to Wendy's President and CEO Bob Wright.
- Ken Cook, CFO since 2024, will remain in an advisory role through July to ensure a smooth transition.
- Cook will depart the company effective July 31, 2026, with a 24-month salary continuation severance package.
- Cirulis's compensation includes a $675,000 base salary, a bonus target of 90% of salary, and a $1.7 million long-term incentive grant.
Wendy's has appointed industry veteran Steve Cirulis as its new Chief Financial Officer and Chief Strategy Officer, effective immediately on June 23, 2026. Cirulis, 55, succeeds Ken Cook, who will remain with the company in an advisory capacity through July to ensure a smooth transition before his departure on July 31, 2026. Cirulis brings nearly 30 years of experience in the retail and restaurant sectors, including a prior collaboration with Wendy's current CEO Bob Wright at Potbelly Corp, where they led a successful turnaround strategy.
The leadership change occurs as Wendy's faces pressure from activist investor Nelson Peltz, whose Trian Fund Management has explored options including taking the fast-food chain private. Wendy's stock has declined approximately 13% year-to-date, though the company exceeded first-quarter revenue and profit expectations.
Cirulis's employment agreement includes an annual base salary of $675,000, a performance-based bonus target of 90% of his salary, and a long-term incentive grant valued at $1.7 million. Cook, who served as CFO since 2024, will receive 24 months of salary continuation as severance, double the standard policy, in recognition of his service during recent leadership transitions.