A BELOVED sandwich restaurant has announced a major personnel change.
The fast food chain was recently acquired by a major private equity firm.
2
2
Jersey Mike’s Subs has hired a new CEO following its $8 billion sale to Blackstone.
Blackstone is a major investment management company based in New York City.
Peter Cancro, the founder of the New Jersey-based sandwich chain, is stepping down after 50 years.
Charlie Morrison, former CEO of Wingstop, will take over on Monday and plans to grow the 3,000-location brand, especially overseas.
“The amount of white space available to Jersey Mike’s to grow, not only in the U.S. but around the world, is enormous,” Morrison said in an interview.
Cancro sold the company to Blackstone last year for $8 billion, including debt.
The sale was one of the largest restaurant deals in a decade.
Cancro will remain chairman, work with franchisees, and continue shaping the business as a 10% owner.
Morrison most recently led Salad and Go and previously oversaw Wingstop’s growth and IPO during his 10-year tenure there.
Wingstop’s US sales jumped 37% in 2024, according to Technomic.
Jersey Mike’s saw $3.7 billion in U.S. sales in 2024, up 12% from the year before, largely due to unit growth.
Cancro said the chain’s momentum could support an IPO, though there are no plans for one at the moment.
Jersey Mike’s has been adding about 300 stores annually.
Cancro believes it could expand to 7,500 U.S. locations.
Morrison said value-focused consumers are helping fuel sandwich sales.
“Sandwiches in general are a staple for consumers’ diets,” he said.
“They’re not going anywhere.”
Cancro began his career in 1975, buying a Jersey Shore sub shop for $125,000 as a teen and turning it into a national brand.
“I think it was just time,” said Cancro, 67, about the decision to sell, a deal that earned him billions.
Blackstone, which also backs Tropical Smoothie Cafe and 7 Brew, has supported Jersey Mike’s leadership since the acquisition.