Wendy’s has officially appointed Bob Wright as its new chief executive officer, effective this Thursday. Wright, who previously spent five years leading a turnaround at the sandwich chain Potbelly, steps into the role during a critical period for the burger giant. He succeeds Kirk Tanner, who departed in July to lead Hershey after an 18-month tenure, leaving the company without a permanent leader for several months.

The leadership change arrives as Wendy’s faces significant headwinds, including five consecutive quarters of declining same-store sales and a loss of market share to major competitors like McDonald’s and Burger King. In an effort to stabilize operations, the company recently announced plans to shutter approximately 300 underperforming locations during the first half of the year. These challenges have contributed to a nearly 35% decline in the company’s share price over the past year, bringing its market valuation down to $1.55 billion.

Market speculation regarding the company’s future remains high, particularly concerning a potential take-private deal. Nelson Peltz’s Trian Fund Management, which holds a significant stake in the company, has reportedly been exploring funding options to acquire the chain. Peltz, who served on the board for 17 years and is now chairman emeritus, has long maintained an influential role at the company. With Trian and its executives still holding board seats, the appointment of Wright is viewed by many as a pivotal move to revitalize the brand’s performance and address its ongoing financial struggles.