Founder and longtime CEO of Jersey Mike's steps down following $8 billion acquisition by private equity group.
Peter Cancro Steps Down as CEO of Jersey Mike's Subs, Handing Over the Reins to Veteran Executive Charlie Morrison
After a whopping $8 billion sale that catapulted him into the ranks of multibillionaires, Peter Cancro, the visionary founder of Jersey Mike's Subs, is stepping down from his leadership role. The fast-food phenomenon announced on Thursday that Cancro will be replaced by none other than Charlie Morrison, the esteemed former CEO of Wingstop, starting April 28.
Morrison's mission? To build on Jersey Mike's "skyrocketing momentum" and continue its global expansion. Cancro remains a substantial player in the game, however. He'll assume the role of chairman of the board and retain a "substantial minority stake" in the company, according to a press release.
Cancro, 66, showered praise on Morrison, touting him as the ideal candidate to fill his shoes. Crediting Morrison's leadership for Wingstop's exponential growth and successful initial public offering (IPO), Cancro expressed confidence in Morrison's ability to apply the same energy and vision to Jersey Mike's.
The multi-billion-dollar transaction with private equity titan Blackstone marked the end of Jersey Mike's historic 65-year run as an independent business. Cancro's journey began modestly, working at the original shop in New Jersey while still in high school in 1971. In 1975, he purchased the store, then called Mike's Subs, at the tender age of 17. He later rebranded it as Jersey Mike's and started franchising the chain, with locations now spread across the US, Canada, and plans to venture into Europe and the UK.
The deal has been a windfall for Cancro, who, as the sole owner, now boasts a net worth of approximately $7.5 billion, according to the Bloomberg Billionaire Index. Jersey Mike's currently ranks second only to Subway in sandwich chain sales. Data from QSR Magazine revealed that the average Jersey Mike's location brings in an impressive $1.35 million per unit, while Subway lags behind with an average of less than $500,000 per location.
The Jersey Mike's deal ranks as the largest in the fast-food sector since Subway was snapped up by Roark Capital for approximately $9.6 billion last year.
Charlie Morrison, the new CEO, embarks on this new venture with a storied past. His extensive experience in the restaurant industry includes serving as CEO of Wingstop, where he transformed the brand from mere hundreds of stores to over 2,000 locations across more than ten countries. Under his leadership, Average Unit Volumes (AUV) doubled, and the company went public in 2015[2][5].
Since then, Morrison has held leadership positions at other major brands such as Salad and Go and Pizza Inn, and has led successful turnarounds at Steak and Ale and Boston Market[5]. Known for his knack for driving growth and innovation, Morrison is set to breathe fresh life into Jersey Mike's as it embarks on this new chapter.
- Peter Cancro, the private-equity titan Blackstone's recent acquisition and founder of Jersey Mike's Subs, has a net worth of around $7.5 billion, making him a multibillionaire.
- Charlie Morrison, the new CEO of Jersey Mike's Subs, is an accomplished entrepreneur who has transformed brands like Wingstop, Steak and Ale, and Pizza Inn, growing them from hundreds to thousands of locations.
- Upon Morrison's arrival at Jersey Mike's, the company aims to build on its "skyrocketing momentum" and continue its global expansion, with plans to venture into Europe and the UK.
- Cancro, now the chairman of the board and holding a "substantial minority stake" in the company, believes Morrison's leadership and vision are ideal to drive Jersey Mike's Subs forward.
- In 2021, the sale of Jersey Mike's Subs to private equity giant Blackstone marked the end of its 65-year run as an independent business, ranking as the largest deal in the fast-food sector since the acquisition of Subway by Roark Capital for nearly $9.6 billion in 2020.
