Wendy’s appoints Pete Suerken as US president, replacing Pringle

DUBLIN - The Wendy’s Company (NASDAQ:WEN), the fast-food chain with a market capitalization of $2.08 billion, announced Tuesday the appointment of Pete Suerken as President of its U.S. operations, effective immediately. The announcement comes as the company’s stock trades near its 52-week low of $10.30, having declined about 35% year-to-date.

Suerken, who has served as President and CEO of Wendy’s Quality Supply Chain Co-op since 2021, will report to interim Chief Executive Officer Ken Cook and join the company’s Senior Leadership Team.

He replaces Abigail Pringle, who has served as President, U.S. since 2024 and will depart the company in the coming weeks after a transition period with Suerken.

"I am confident Pete will lead our business with operational excellence and intensity, helping us achieve our long-term strategic priorities," said Cook in the company statement.

Suerken brings over two decades of experience in the food, beverage and restaurant industries. Prior to joining Wendy’s supply chain cooperative, he served as president of Resin Technology Inc. and spent 13 years at Restaurant Supply Chain Solutions, the cooperative of Yum! Brands.

"The opportunity to lead the U.S. business for this iconic brand is exciting and humbling," Suerken said. "I look forward to working with franchisees and Company operators to drive profitable growth for our restaurants."

Pringle departs after 23 years with Wendy’s, where she played key roles in restaurant development, including the company’s Image Activation initiative and creation of the modern restaurant design.

The fast-food chain will release its second quarter financial results on August 8, 2025, as previously scheduled.

The announcement was made in a press release issued by the company.

In other recent news, Wendy’s has announced plans to expand its global presence by opening 190 new restaurants in Italy and Armenia. The company finalized franchise agreements to develop 170 restaurants in Italy by 2035 and 20 in Armenia by 2030. Meanwhile, Wendy’s is facing challenges in its U.S. market, with Truist Securities and Loop Capital lowering their stock price targets to $14 and $16, respectively. Both firms retained a Buy rating, citing weak same-store sales in the U.S. as a concern. Truist Securities noted a potential miss in second-quarter sales, attributing it to underwhelming menu innovations like the "Takis Fuego Meal."

Additionally, Wendy’s is undergoing a leadership change with CEO Kirk Tanner set to depart in July 2025. Bernstein SocGen Group reiterated a Market Perform rating with a $15 price target, while BTIG maintained a Neutral rating, indicating no immediate strategic shifts are expected. The company’s board has begun a search for a new CEO, with Ken Cook, the current CFO, stepping in as interim chief executive. These developments reflect Wendy’s ongoing efforts to navigate both international expansion and domestic market challenges.

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