New York —
For a logo with a trademark grin, Wendy’s has little to smile about nowadays.
The burger chain’s stock has lost nearly 50% of its value this year. Wendy’s executive suite has contended with several departures, and it’s currently operating without a permanent CEO after its previous leader abruptly left after just a year-and-a-half on the job. Plus, a confusing mix of promotions hurt sales last quarter.
“We are not happy with our sales performance,” Ken Cook, Wendy’s CFO and interim CEO, bluntly admitted on its most recent earnings call in August.
The fast food industry is in a slump, and Wendy’s isn’t immune.
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