Jersey Mike's Subs has recruited a new CEO with a successful track record of expanding a restaurant chain internationally — and can lead that charge for the sandwich shop operator.
Manasquan, New Jersey-based s on Thursday said it had tapped Charlie Morrison to succeed Peter Cancro, who has been at the helm of the fast casual chain for 50 years. Cancro will remain chairman at Jersey Mike's and retain a minority stake in the company, which giant private equity firm Blackstone acquired in November for a reported $8 billion.
Morrison, who assumes his new post Monday, is a 30-year restaurant industry veteran who enjoyed some of his biggest success at Texas-based Wingstop, one of the largest fast casual chicken wing franchise brands globally.
He will build on Jersey Mike's "strong momentum and continue to accelerate its expansion in the U.S. and international markets, as well as its ongoing investment in technology and digital transformation," according to the chain. It now has more than 3,000 franchised locations in the United States and Canada.
Blackstone is one of a number of private equity firms of late acquiring retailers or restaurant chains, giving them the financial wherewithal to grow their brick-and-mortar footprints. Last week, Franchise Group said it was selling The Vitamin Shoppe chain to two private equity firms, Kingswood Capital Management and Performance Investment Partners.
Morrison was chairman and CEO of Wingstop from 2012 to 2022, where he was responsible for leading the strategic direction of the company and its global operations. He guided the firm through a successful initial public offering and during his tenure the chicken chain grew the business from fewer than 500 stores to over 2,000 locations in more than 10 countries.
Most recently, Morrison served as a board member and then as CEO of Salad and Go, "helping drive a nearly seven-fold increase in the company’s store count," according to Jersey Mike's. He previously held leadership roles at Pizza Inn, where he served as president and CEO, Pizza Hut, Steak and Ale, and Boston Market.
Cancro acquired Jersey Mike's first location in 1975 at Point Pleasant at the Jersey Shore, using it to build a chain known for offering fresh grilled sub sandwiches.
“In Charlie, we have found the ideal next CEO for Jersey Mike’s, and I look forward to him propelling our business even further," Cancro said in a statement.
Morrison has "a wealth of experience in scaling leading franchise brands" and can spearhead Jersey Mike's entry into new markets, according to Joe Baratta, Blackstone's Global Head of Private Equity Strategies.