Who is Ken Cook? All about Wendy's interim CEO leading the company through major closures and restructuring

Ken Cook, the interim CEO and CFO of Wendy's, dropped news on the recent earnings call that a notable wave of restaurant closures is on the horizon as part of a broader corporate restructuring. He mentioned a "handful" of U.S. spots, likely 300 out of some 6,000 total, will vanish within two years. This Ohio burger brand aims to kick off shutdowns by 2026 while reshaping day-to-day operations.

Ken Cook is the interim CEO and chief financial officer of Wendy's stepping into the top role in July 2025 after the former CEO's exit.

Though he started as CFO near the end of 2024, his background runs deep in numbers - spending about 20 years handling finances at UPS.

Right now, he's leading the chain while it faces shrinking sales and internal shifts.

Instead of chasing trends, he's fixing locations that aren’t doing well while pushing forward a strategy known internally as 'Project Fresh.'

Wendy's takes a closer look at struggling locations after sales drop

Wendy's is checking out how its restaurants are doing after sales dipped and customer behavior changed.

On its recent profit chat, leaders admitted they're eyeing spots that aren't pulling their weight, considering whether to improve operations, transfer ownership, or close certain outlets entirely.

Each choice will depend on the situation worked out with local operators, aiming to free up cash and funnel resources into areas bringing better returns, as reported by 5 Chicago. 

Ken Cook said regarding this in that earnings call (via 5 Chicago):

"Taking a hard look at underperforming restaurants in our system, from both the financial and customer experience perspective, and working with franchisees to improve those, transfer those to another operator or potentially closing them, which will help unlock capital for franchisees to further reinvest in the system... I think we'll work through a detailed and programmatic process with our franchisees to determine the best pace of that and make sure that we are making the best decisions for the long-term health of the overall system."

This move comes right after numbers showed a 2.6% fall in total worldwide sales, along with a 4.7% dip in recurring store revenue last quarter - the result of rising costs and steeper food pricing pushing diners away.

Wendy's is pushing ahead with changes through something called Project Fresh, aimed at updating how things run plus sparking fresh growth.

Last year, the company closed 140 spots across Ohio, seen as old-fashioned or weak sellers - a move tied to its broader plan to stay lean while adjusting to today’s tough economy.

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