Wendy’s names Potbelly alum to dual CFO, chief strategy role

Dive Brief:

The Wendy’s Company named Potbelly Sandwich alum Steven Cirulis to the dual role of CFO and chief strategy officer effective Tuesday, coming as the restaurant chain looks to execute an ongoing turnaround plan, according to a press release and securities filing.
Cirulis’ appointment is the latest executive leadership change by the Dublin, Ohio-based fast food company, following Wendy’s appointment of Potbelly veteran Bob Wright to its CEO chair in May. Wright succeeded Kirk Tanner, who departed the company in July 2025 with Wendy’s naming CFO Ken Cook to the role of interim CEO.
In association with Cirulis’ appointment, Cook has ceased to serve in his role as CFO, according to the filing with the Securities and Exchange Commission. Cook, who has served in the top finance seat since 2024, will remain in an advisory position to assist a smooth transition until July 31, upon which his employment with the company will be terminated, according to the filing. He is entitled to receive the compensation and benefits associated with a termination without cause, Wendy’s said.

Dive Insight:

Before joining Wendy’s, Cirulis most recently served a five-year span as CFO and CSO for Potbelly Sandwich Works, departing from that role in December of last year, according to his LinkedIn profile. His past roles include serving as SVP, strategy for Panera Bread, global VP of corporate strategy for McDonald’s Corporation and senior director of strategy, business development and insights for Gap Inc.

In association with his appointment as CFO, Cirulis will receive an annual base salary of $675,000 and will be eligible for an annual performance-based bonus with a target equal to 90% of his base pay, according to the filing. The actual performance-based bonus payable to Cirulis will range from zero to 200% of that target, depending on the achievement of certain performance objectives, the company said.

The Panera and Potbelly alum will also be eligible to participate in Wendy’s long-term incentive plan, with an initial grant date fair value of $1.7 million, according to the filing. For fiscal 2026, his long-term incentive award will consist of a grant of performance share units with a grant target value of $825,000, a grant of restricted stock units with a date value of $247,500 and nonqualified stock options valued at $412,500, according to the filing.

Cirulis is bringing to Wendy’s more than 30 years of experience across the retail and restaurant industries as the fast food chain continues to move forward with its “Project Fresh” turnaround plan.

Launched in October 2025, the plan’s objectives including assessing the company’s U.S. restaurant system with an aim to increase profitability, and to recast its capital allocation strategy to help drive profitable growth, according to a press release at the time.

While at Potbelly — where he served overlapping tenures with Wendy’s CEO Wright — he helped to lead a turnaround at the sandwich chain that boosted annual sales, CFO Dive sister publication Restaurant Dive reported at the time. Under Wright and Cirulis’ leadership, Potbelly also saw a 500% jump in share price and improved its restaurant margin expansion and invested capital returns, Wendy’s said Tuesday.

"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,” Cirulis said in a statement included in the Tuesday release.

The company has undertaken several initiatives to improve its performance since announcing the turnaround plan, including inking new international franchise agreements with Mexico, where it plans to open 60 new locations, and China, where it aims to open up to 1,000 restaurants over the next 10 years, according to company releases.

The fast food company’s international segment saw a 6% jump year-over-year in systemwide sales, compared to a 2.6% sales drop for the U.S. and a 5.5% YoY decline globally, according to Wendy’s first quarter earnings report published May 8.

For its Q1, Wendy’s reported a 42% drop in net income to $22.7 million, compared to $39.2 million in the prior year period, according to the earnings report. Adjusted EBITDA, meanwhile, fell approximately 11% YoY to reach $111.3 million, while adjusted earnings per share dropped by 40% YoY.

Still, Wendy’s Q1 results show a “business in the early stages of a turnaround,” Cook, then interim CEO, said in the release, citing the improvement in international sales as well as improvement in key customer satisfaction and order accuracy metrics.