Jersey Mike's Makes Big Move After $8 Billion Sale
Jersey Mike's is making a big move after its $8 billion sale.
The New Jersey-based sub chain was acquired by Blackstone last year, in a deal that nearly reached $10 billion. The company's founder, Peter Cancro, continues to have a 10 percent stake in the company. He's serving as chairman.
However, the company is making a big move, hiring a new CEO on Thursday, April 24.
The Wall Street Journal reported on Thursday morning that Jersey Mike's is bringing on Charlie Morrison as the company's new CEO. Morrison previously served as the CEO of Wingstop, a chicken wing chain that is also growing fast like Jersey Mike's.
Morrison is optimistic about Jersey Mike's future.
“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.
Morrison was the CEO of Wingstop from 2012-22. He also served as the CEO of the drive-through chain Salad and Go.
Jersey Mike's has been growing a lot over the past year-plus. The sandwich chain now has more than 600 locations. It all started back in 1975, when the company founder started his own sub shop on the Jersey Shore, naming it Jersey Mike's.
The company's founder signed off on the sale last year and now, is signing off on a transition in leadership. Cancro told the Wall Street Journal that he believes it's time for a change.
Jersey Mike's $8 billion sale to Blackstone is expected to be one of the biggest sales of a restaurant franchise in recent history.