Wendy's names Bob Wright as permanent CEO

Wendy's appointed Robert "Bob" Wright as president and CEO, effective May 21, ending a search that stretched nearly a year after the chain's previous CEO departed.

Before taking the top job at Wendy's, Wright led Potbelly Corporation as its president and CEO. His career in the restaurant industry also includes stints at Charleys Philly Steaks, Checkers Drive-In Restaurants, and Domino's Pizza, along with earlier positions at Wendy's that included executive vice president and COO, the company said.

"I am honored and energized to return to Wendy's at a pivotal moment for the brand," Wright said in a statement. "I am focused on elevating the customer experience, advancing operational excellence, and strengthening the franchisee financial model to deliver sustainable, profitable growth."

Wright will also join Wendy's board of directors. Interim CEO Kenneth Cook will remain in his role as CFO, the company said.

Board Chairman Art Winkleblack credited Cook with establishing the company's Project Fresh strategy, which is aimed at strengthening the chain's foundation and beginning a turnaround. Cook had been appointed to the interim role after previous CEO Kirk Tanner left to become CEO of chocolate maker Hershey, according to Reuters.

Weaker spending by cost-conscious diners has weighed on the chain's results over recent quarters, with customers pulling back on restaurant visits as everyday expenses have climbed, according to Reuters. U.S. same-store sales fell 7.8% in the chain's most recent quarter, contributing to an overall same-store sales decline of 6.8%, according to The Wall Street Journal. The company has been contending with rising beef prices and budget-conscious diners, according to The Wall Street Journal.

The appointment also comes as activist investor Nelson Peltz's Trian Fund Management has been exploring the possibility of taking Wendy's private. An SEC filing from Peltz in February disclosed conversations with parties who could provide financing for various transactions, up to and including an outright acquisition, the company said. The Financial Times reported earlier this month that Trian sought investor backing for a potential bid, according to The Wall Street Journal.

Shares slipped roughly 2% in Wednesday morning trading, according to Reuters.