Jersey Mike’s longtime CEO and founder steps down after $8 billion sale to private equity

Peter Cancro, the founder and CEO of Jersey Mike’s Subs, is stepping back from the position following an $8 billion sale that made him a multibillionaire.

Peter Cancro, the founder and CEO of Jersey Mike’s Subs, is stepping back from the leadership position following an $8 billion sale that made him a multibillionaire. The fast-growing sub chain announced Thursday that Cancro will be replaced by Charlie Morrison, the former CEO of Wingstop, beginning on April 28. A press release said that Morrison will be tasked with building on Jersey Mike’s “strong momentum and continue to accelerate its expansion in the US and international markets.” Cancro, however, isn’t disappearing entirety from the chain which has grown to 3,000 locations under his 50-year purview. He will remain as the chairman of the board and be a “significant minority shareholder,” the company said. Cancro said in a release that Morrison is the “ideal” candidate to replace him as CEO and credited him with the growth of Wingstop. The company’s stock quadrupled in value under his decade-long leadership before he left the company in 2022. “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 energy and vision to Jersey Mike’s,” Cancro said. Jersey Mike’s sold a significant stake to private equity giant Blackstone in an $8 billion deal last year, ending its nearly seven-decade run as an independently owned business that transformed into a major competitor against well-entrenched brands like Subway.