Anderson, chief financial officer since 2000, was unavailable for comment. The change was announced after the markets closed.

In a statement, Anderson listed three key strategies: strengthen core business, execute new initiatives and reduce costs. “Our primary objectives are improving sales and profits at every Wendy’s,” she said.

The move comes at a time both McDonald’s and Burger King have gained market share from Wendy’s — in part, by mimicking the Wendy’s formula of creating new menu items with keen appeal to adults. It comes a week after Burger King named a new CEO.

“McDonald’s is the culprit responsible for this,” says Ron Paul, president of Technomic, a restaurant consulting firm. “Wendy’s was viewed as the adult place to go.” Now, McDonald’s has caught up, he says.

These issues are sure to be raised at Wendy’s annual meeting April 27. An activist investor group led by Nelson Peltz, with a 5.5% stake in Wendy’s, recently added three Peltz-nominated directors to the board.

Wendy’s will pay Schuessler $3 million as part of an agreement reached before he retired unexpectedly.

Anderson was named interim chief executive while the No. 3 U.S. hamburger chain conducts a search for a new leader that could lead it outside the company.

“I would expect them to consider outside candidates,” Dan Popowics, an analyst at Fifth Third Asset Management, said. “I think they need to take a fresh look.”

Schuessler’s strengths were in operations, but Wendy’s needs a chief executive that can help the company improve its menu and reposition its brand, Popowics said.

Schuessler, 55, will receive payments totaling $3 million though April 17, 2008, under terms of the agreement, which include confidentiality and non-compete provisions, Wendy’s said Tuesday in a filing with the U.S. Securities and Exchange Commission.