Wendy's has announced Project Fresh, a programme designed to improve brand relevance and boost profitability across its restaurant network.
Centred on four priorities -- brand revitalisation, system optimisation, operational efficiency and capital reallocation -- the initiative aims to reinforce the US-based fast food restaurant chain's market position.
The company will focus on improving marketing strategy, restaurant productivity and operational standards, while reallocating capital to support profitable growth.
Wendy's board chairman Art Winkleblack stated: "Wendy's board of directors and management team are dissatisfied with the current valuation of the company and have been working to put the company on the right path to create value for our franchisees, employees and shareholders.
"Execution is underway and we are confident that Project Fresh will position Wendy's as the industry leader -- one that guests love, franchisees are proud to operate, teams are excited to be a part of and [which] creates significant value for our shareholders."
Consultant Creed UnCo, headed by Greg Creed, former CEO of Taco Bell and Yum! Brands, has been brought in to guide Wendy's marketing transformation using data-based customer segmentation.
On the operational front, the company intends to adjust labour models and operating hours, strengthen in-store performance through digital tools and staff training, and enhance overall restaurant efficiency.
It also plans to reduce investment in its Build to Suit programme by $20m in 2025, followed by a larger reduction in 2026.
The redirected funds will be used to expand technology and marketing initiatives to support average US unit volume growth.
Wendy's interim CEO and chief financial officer Ken Cook added: "Wendy's is a brand built on quality, authenticity and innovation.
"With Project Fresh, we're taking decisive steps together as One Wendy's to strengthen our foundation, enhance restaurant performance and modernise how our customers experience the brand.
"Project Fresh is about reigniting the energy and distinctiveness that have always made Wendy's special, while positioning the company and our franchisees for profitable growth."
Winkleblack stated that the company's board, assisted by a global executive search service, is continuing the recruitment process for a permanent chief executive, which is expected to conclude by the end of 2025.
Further updates on Project Fresh will be shared during Wendy's third-quarter results presentation on 7 November 2025.