Wendy's - Will Bob Do the Wright Thing? Takeaways from Meet & Greet with New CEO...

Research evidence excerpt

Wendy's - Will Bob Do the Wright Thing? Takeaways from Meet & Greet with New CEO...

Consumer

WENDY'S (WEN) June 9, 2026

Wendy's - Will Bob Do the Wright Thing? Takeaways from Rating:

Meet & Greet with New CEO... Outperform

Price:

Earlier today we met Wendy's new CEO, Bob Wright, at a sell-side event and $6.71

came away incrementally more positive. Just 16 days in, Wright was deliberately Price Target:

$9measured, but we were encouraged that he's already in the field with franchisees % Upside:

and made no indication for a dramatic move away from the existing "Project 34.1%

Fresh" plan now underway. The early read is continuity over reinvention - with his

Source: FactSet, Wolfe Research

Potbelly playbook (where he was CEO 2020-2025) and prior stints at Wendy's Priced as of 06/09/26

(most recently as COO; 2013–2019) visible throughout the conversation. Still in

early days, we expect more detail on his assessment during the 2Q call later this Greg Badishkanian

gbadishkanian@wolferesearch.com

summer. (646) 582-9340

View Greg’s Research

View WEN Model

Project Fresh Doesn't Seem Off the Table. Bob indicated there's a good deal he likes View Comp Table

in the Project Fresh framework as-is - a focus on food quality, people, restaurant-

Catherine Lee

level execution, and capital allocation. He stopped short of committing to keep the clee@wolferesearch.com

exact language but pointed to clear alignment with his own priorities, and signaled (646) 582-9341

he doesn't intend to surprise with a sharp departure. We read this as continuity rather Margaret-May Binshtok

than a reset, with refinement likely a few months into his learning. mbinshtok@wolferesearch.com

(646) 582-9348

A Multi-Layered View of Value. Bob framed value as multi-faceted - spanning

Travis Harbauer