The Wendy’s Co. disclosed in a recent Securities and Exchange Commission filing that its board is making solid headway in selecting a permanent chief executive, scrutinizing a robust lineup of internal and external contenders just six months after installing interim leader Ken Cook.

Board chair Art Winkleblack emphasized the deliberate pace, stating, “We are focused on selecting a leader with the vision, strategic mindset, and operational discipline to continue to execute the company’s turnaround plans. The selection process is progressing well, and the board is confident in both the quality of candidates under consideration and the strength of the management team leading the business today.” The update, detailed in Nation’s Restaurant News, arrives as the Dublin, Ohio-based chain grapples with persistent sales declines and intensifying rivalry from McDonald’s and Burger King.

This marks the third CEO transition in under three years, underscoring volatility at the top of the 7,000-unit quick-service operator. The board’s optimism contrasts with domestic same-store sales dropping 4.7% in the third quarter of 2025, prompting the launch of Project Fresh—a multifaceted initiative to refine brand positioning, bolster operations, and shutter 200 to 300 underperforming outlets.

Leadership Carousel Spins Faster

Todd Penegor helmed Wendy’s from 2016 to early 2024, overseeing expansion to over 7,000 restaurants across 30 markets and introducing nationwide breakfast, which propelled the chain past Burger King as the No. 2 U.S. burger operator. His exit paved the way for Kirk Tanner, a PepsiCo veteran with three decades in beverages, snacks, and foodservice, who assumed the role on February 5, 2024, as announced in a company press release covered by Wendy’s Investor Relations.

Tanner’s stint lasted barely 18 months. On July 8, 2025, Wendy’s revealed he would depart July 18 to succeed Michele Buck as president and CEO of The Hershey Co., effective August 18—a move hailed by Hershey’s search committee chair Mary Kay Haben as tapping a “proven, high-impact leader in the food and beverage industry,” per CNBC. Analyst Michael Gunther of Consumer Edge noted the timing as “potentially inopportune,” given Wendy’s lagging peers amid stalled growth initiatives, according to Reuters.

Ken Cook, CFO since December 2024 after two decades at United Parcel Service, stepped up as interim CEO. A former head of financial planning at UPS and CFO for its U.S. domestic segment, Cook also retains CFO duties. In October 2025, he unveiled Project Fresh and affirmed in November the company is “acting with urgency” to restore comparable sales growth, as reported by Yahoo Finance.

Financial Pressures Mount

Wendy’s U.S. same-store sales plummeted 2.8% in recent periods, trailing competitors’ gains, while the chain plans digital menu boards and Fresh AI drive-thru voice tech in over 500 locations for 2025, per Restaurant Dive. Amid upheaval, the board issued retention bonuses in July 2025—including a $2 million equity award to Cook vesting over two years—to secure top talent during the hunt, detailed in filings covered by Restaurant Business.

The search, aided by a leading global executive firm, prioritizes expertise for the “next phase of growth,” per an TipRanks report on the October 9, 2025, announcement. Wall Street remains cautious: Morgan Stanley cut its price target to $8 from $9 with an Underweight rating, while Mizuho lowered to $7 from $8, citing a protracted restaurant price war eroding traffic to grocery amid elevated post-pandemic prices, as noted in Intellectia.

Activist history looms large. Trian Fund Management, holding 16% and seating three board members including chairman Nelson Peltz, eyed privatization in 2022 but refocused on cash returns by 2023. Blackwells Capital eyed a challenge in late 2023, blasting Trian’s influence amid subpar shareholder returns, per Reuters.

Strategic Overhaul Takes Shape

Project Fresh targets core fixes: menu simplification, franchisee support, and tech upgrades like Palantir partnerships for site selection using register, loyalty, and credit card data—granting a “first mover advantage,” Tanner noted at Investor Day, as shared in X posts. Internationally, Wendy’s eyes expansion despite U.S. woes, with Q4 and full-year 2025 results due February 13, 2026.

Cook’s blueprint emphasizes execution on growth amid economic headwinds, competition, and shifting tastes, echoing SEC filing risk factors on customer experiences and spending. Penegor, now at Papa Johns since February 2025, touted his Wendy’s legacy of innovation through Covid, digital acceleration, and remodels in a Nation’s Restaurant News interview, pursuing an “aggressive 100-day plan” there.

As the board weighs options, stability hinges on landing a steady hand. Winkleblack’s confidence signals no rush, but investors watch earnings closely for signs of momentum before a hire crystallizes direction.