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Investing.com - Wendy’s (NASDAQ:WEN) CEO Kirk Tanner will depart the company on July 18 after approximately 18 months in the role, with current CFO Ken Cook stepping in as interim chief executive. The leadership change comes as the company’s stock trades near its 52-week low of $10.91, significantly below its high of $20.60.
BTIG maintained its Neutral rating on Wendy’s stock following the leadership change announcement. The research firm expects no strategic shifts for at least a year, citing the typical timeframe required to identify and appoint a permanent replacement. According to InvestingPro data, Wendy’s maintains strong fundamentals with a 4.96% dividend yield and a 23-year track record of consistent dividend payments.
Wendy’s is investing in additional field leadership and oversight, a move BTIG acknowledges as positive. However, the research firm remains skeptical about the fast-food chain’s long-term growth trajectory.
BTIG expressed hope that new leadership would prioritize restaurant remodels, which it believes would help Wendy’s compete more effectively against larger quick-service restaurant operators.
The CEO transition comes as Wendy’s continues to navigate a competitive fast-food landscape, with Tanner leaving after a relatively brief tenure at the helm of the burger chain.
In other recent news, Wendy’s reported its first-quarter earnings for 2025, aligning with market expectations at $0.20 per share. However, the company revised its full-year 2025 guidance downward, reflecting anticipated modest declines in comparable store sales. Guggenheim Securities downgraded Wendy’s stock from Buy to Neutral, suggesting a strategic reassessment is needed to balance unit growth with franchisee profitability. BMO Capital Markets reduced its price target for Wendy’s shares to $15.00 while maintaining a Market Perform rating, citing challenges in comparable store sales and market share. Similarly, UBS kept a Neutral rating with a $14.00 target, noting weaker-than-expected same-store sales and a reduction in 2025 guidance. Loop Capital Markets lowered its price target to $21 but retained a Buy rating, expressing confidence in Wendy’s fundamental value despite recent performance challenges. At Wendy’s 2025 Annual Meeting of Stockholders, all 10 director nominees were elected, and Deloitte & Touche LLP was ratified as the independent auditor. Additionally, an advisory resolution on executive compensation passed, although three stockholder proposals related to environmental and social issues did not receive enough support.
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