Dive Brief:
- Wendy’s has appointed Steve Cirulis as chief financial officer and chief strategy officer, effective Tuesday, the company said in a press release.
- He will succeed Ken Cook, who has been CFO since 2024, and recently served as interim CEO from July 2025 until May 2026. The board of directors terminated Cook’s employment without cause, according to a filing with the Securities and Exchange Commission. Cook will remain in an advisory position through July to help with the transition.
- Cirulis most recently served as CFO and chief strategy officer at Potbelly. During that time, he worked alongside Wendy’s new CEO Bob Wright as Wright led the sandwich chain through a brand turnaround and eventual acquisition by RaceTrac.
Dive Insight:
Cirulis’s appointment comes nearly a month after Wright’s appointment as CEO, filling a position left vacant since July 2025. Wendy’s has faced several quarters of same-store sales declines, including a 7.8% decline in Q1 2026, as well as hundreds of closures and pressure from an activist investor. The chain is in the midst of a turnaround plan, Project Fresh, which launched in October.
It’s quite common for a new CEO facing a turnaround to suggest C-suite appointments, especially a CFO position, experts previously told Restaurant Dive. Starbucks CEO Brian Niccol brought on a new CFO last year, for example.
Cirulis is a familiar face for Wendy’s new CEO, as his over five-year tenure at Potbelly largely overlapped Wright’s. During their time at Potbelly, the chain saw a 500% increase in share price in addition to double-digit growth with average unit volumes, according to the press release. Restaurant margins and return on invested capital also improved. Prior to its sale to RaceTrac, Potbelly built a significant pipeline of franchised locations.
Cirulis, who has about 30 years of experience, has also worked in senior strategy and finance roles across various global restaurant and retail brands, including Panera Bread, McDonald's and Gap.
At Wendy’s, he will report to Wright and serve on Wendy’s Senior Leadership Team, per the press release.
“Driving solid financial discipline, topline growth and enhanced franchisee profitability are essential to our future success,” Wright said in a statement. “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.”
