Wendy’s stock surged over 24% in premarket trading to $7.78 per share after the fast-food chain appointed Steve Cirulis as its new chief financial officer and chief strategy officer. Cirulis previously held the same dual role at Potbelly Sandwich Works, where he worked alongside Bob Wright, who became Wendy’s CEO last month. During their tenure together at Potbelly from 2020 to 2025, the pair drove a 500% increase in Potbelly’s share price and double-digit growth in average unit volumes. Investors are betting the duo can replicate that success at Wendy’s, which is closing hundreds of stores amid a turnaround effort after revenue fell 3.1% to $2.18 billion and net income declined 15.1% to $165.1 million last year. Cirulis replaces Ken Cook, who will stay in an advisory role until July.
The Wendy’s CoAppointment of former Potbelly CFO who previously drove 500% share price increase with current CEO, signaling potential turnaround.