Wendy’s Appoints Ex-Potbelly CFO Cirulis; Shares Surge 37% on Reddit Rally
WEN•Wendy’s has named Steve Cirulis as CFO and CSO, succeeding Ken Cook, who will advise through next month. Shares rallied up to 37% in pre-market after a viral WallStreetBets post urged traders to ‘save Wendy’s’ following a steep 70% slide since mid-2023.
1. Wendy’s Names New CFO and Strategy Chief
The Wendy’s Company has appointed Steve Cirulis as chief financial officer and chief strategy officer, reporting directly to President and CEO Bob Wright. Cirulis succeeds Ken Cook and joins the senior leadership team effective next month.
2. Transition and Advisory Role
Ken Cook, who led the finance function since 2024, will serve as an advisor through next month to ensure a seamless handover of responsibilities. This arrangement aims to maintain operational continuity during the leadership change.
3. Proven Track Record at Potbelly
At Potbelly Sandwich Works, Cirulis held dual CFO and CSO roles alongside Wright, during which shares rose over 500%, average unit volumes grew in double digits, and restaurant margins and returns on invested capital improved significantly.
4. Retail Traders Spark Share Spike
Wendy’s shares jumped up to 37% in pre-market trading after a viral post on Reddit’s WallStreetBets urged members to “save Wendy’s.” The surge followed a 70% decline in the stock since mid-2023 and highlighted heavy short interest.
