Charlie Morrison will be the new CEO of Jersey Mike’s next week, the company said on Thursday, as Peter Cancro, the sandwich chain’s founder and longtime chief executive, steps into the chairman role.
Nigel Travis, the former Dunkin’ CEO, will be the lead director for Jersey Mike’s.
Morrison, who will officially become the CEO on Monday, will be only the second chief executive in the chain’s 50-year history, but the move had been expected after Cancro sold a majority stake in Jersey Mike’s to the private-equity firm Blackstone. Cancro still holds a 10% share of the company.
Morrison is a longtime industry executive known most for a remarkably successful run at the chicken-wing chain Wingstop, which he led from 2012 through 2022, guiding the company through its 2015 initial public offering and establishing the chain as one of the hottest big growth concepts in the U.S.
He left that company for the quick-service chain Salad and Go, but left the company last year following differences with its board of directors. Morrison’s prior experience has included stops at Pizza Inn, Pizza Hut, Steak and Ale and Boston Market.
In a statement, Cancro called Morrison “the ideal next CEO for Jersey Mike’s.”
“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,” Cancro said. “I am confident he will bring the same energy and vision to Jersey Mike’s.”
(Read why Peter Cancro decided to sell Jersey Mike’s.)
In many respects, Jersey Mike’s is on the same level as Wingstop. Both are high-growth, mostly franchised Top 50 restaurant chains. Jersey Mike’s generated $3.7 billion in system sales last year, up 11.6%. The company has taken substantial share in a sluggish sandwich market in recent years. The company operates more than 3,000 locations, most of which are franchisee-owned.
Blackstone completed its acquisition of the chain earlier this year in an $8 billion deal just before Cancro celebrated the 50th anniversary of his purchase of a New Jersey sub shop that would ultimately grow into the chain known for its hot sandwiches and freshly sliced meats.
Cancro in an interview with Restaurant Business earlier this month said that he planned to cede the CEO title at some point this year, though noting that he will remain involved in the chain.
“I have spent my career building and innovating at leading franchised brands, and what Peter has created at Jersey Mike’s is nothing short of extraordinary,” Morrison said in a statement.
Morrison’s task will be to take Jersey Mike’s to new markets, while building its domestic presence and avoiding the challenges associated with a new owner and new management for the first time in a company’s long history.
Jersey Mike’s believes it has plenty of room to grow domestically. But it is increasingly eyeing international markets following a successful debut last year in Canada. It is now eyeing Europe, notably the U.K.
“With a wealth of experience scaling leading franchise brands, Charlie is the ideal leader to build on Peter’s extraordinary foundation and take Jersey Mike’s into its next era of growth,” Joe Baratta, global head of private equity strategies with Blackstone, said in a statement.
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