Nelson Peltz is stepping down as chair of Wendy’s, ending a 17-year reign at the fast-food chain.

Wendy’s said Friday that the change is effective immediately.

Peltz’s exit comes as low-income consumers eat out less, causing Wendy’s sales to slump. Shares of the burger chain have fallen more than 12% this year, dragging its market value down to $3.45 billion. Earlier this year, PepsiCo veteran Kirk Tanner stepped in as CEO and laid out plans to invest millions of Dollars into updates to its mobile app and advertising to boost the business.

“In our view, [Peltz’s departure] opens the door for a new chapter under new Chairman Art Winkleblack & new CEO Kirk Tanner,” T.D. Cowen analyst Andrew Charles wrote in a note to clients on Monday. Still, he maintained a “hold” rating for the stock, citing its lack of diversification compared to other restaurant peers.

Peltz will assume the title of chairman emeritus. He is stepping down to devote more time to his other board commitments and Trian Partners’ future activities, according to Wendy’s.

Peltz’s Trian Fund Management has a 10% stake in Wendy’s, making it the company’s second-largest shareholder behind Vanguard. Trian first invested in Wendy’s in 2005, when the fund was initially created. With Peltz’s departure, the firm holds two board seats at the fast-food company.

Trian said it was exploring a takeover of Wendy’s in 2022, but later decided against it.

Winkleblack, who previously served as CFO at H.J. Heinz, is now non-executive chair of Wendy’s board. Winkleblack has been a director since 2016.