Jersey Mike’s Subs, franchisor of fast-casual subway sandwich shops, announced Thursday that food industry veteran Charlie Morrison will be the iconic sandwich company’s new chief executive officer, effective April 28.
Morrison succeeds Peter Cancro, who is stepping down from the CEO role 50 years after acquiring the company’s first location in 1975. Cancro will stay on as chairman of Jersey Mike’s board of directors. Nigel Travis has been named as lead director. Morrison will also serve on the board.
“Jersey Mike’s is a unique brand with a rich history, loyal customer base and authentic culture which Peter and his talented team have cultivated over the past five decades,” said Morrison. “I am honored to be entrusted with continuing this legacy and I could not be more excited to get to work with this incredible team and the owners who bring it to life every day. Together, we’ll focus on continuing to accelerate growth across new and existing markets and identifying opportunities to invest in additional technological advancements and innovation.”
Morrison has worked at some of the world’s most recognizable food brands and is credited with driving long-term growth and international expansion. He is tasked with building on the expansion momentum of Jersey Mike’s domestically and internationally.
Morrison served in senior leadership positions at franchised brands such as Wingstop where he was chairman and CEO from 2012 to 2022. He is credited with growing that brand to more than 2,000 stores in 10 countries from fewer than 500. Morrison also served as a board member and then as CEO of Salad and Go. He helped spur a nearly seven-fold increase in the company’s store count. Morrison held executive positions at Pizza Inn, Pizza Hut, Steak and Ale, and Boston Market.
“In Charlie, we have found the ideal next CEO for Jersey Mike’s, and I look forward to him propelling our business even further,” said Cancro. “Having led Wingstop through a monumental period of growth and a successful IPO, he knows what it takes to lead a first-of-its-kind, category-defining brand, and I am confident he will bring that same.”
Travis, the lead director of Jersey Mike’s board of directors and former chairman and CEO of Dunkin’ Brands, said: “Charlie is a titan in the franchised restaurant space, with a proven value creation playbook for driving growth at leading brands – both through restaurants and digital channels.”
The iconic submarine sandwich company, founded in 1956 as Mike’s Subs with one location in Point Pleasant, has grown to more than 3,000 locations throughout the United States and Canada. Jersey Mike’s posted global sales of $3.3 billion in 2023.
Jersey Mike’s was purchased by private equity firm Blackstone in November for a reported $8 billion. Blackstone plans an aggressive expansion strategy in the U.S. and internationally. Jersey Mike’s added 322 locations in 2024, its biggest expansion in a single year.
The agreement with Blackstone allows Cancro to keep an equity stake in the company. He is now worth an estimated $7.5 billion.
