Subway is making changes in its executive team months following the departure of former CEO John Chidsey.
The company has confirmed the departure of Doug Fry, the company’s president of North America. That news followed the hiring of former PepsiCo executive Greg Lyons as the chain’s global chief marketing officer.
“Doug Fry felt that it was the right time to depart the organization to pursue other personal and professional passions,” a company spokesperson said.
The moves come months following the announced departure of CEO John Chidsey, who retired following the sale of Subway to the private-equity firm Roark Capital. Carrie Walsh was named interim CEO and remains in that role.
The company said that a search continues for a permanent CEO and the new hire “will be announced once plans are finalized.”
Subway has been without a global chief marketing officer since 2023, when Walsh was shifted from that role to president of Europe, Middle East and Africa. Lyons will change that in May, when he officially takes the role. Lyons was most recently the chief marketing officer at PepsiCo Beverages North America, where he worked with brands like Gatorade, Pure Leaf and Mountain Dew.
“I’ve been a fan of the Subway brand for as long as I can remember, and it’s an honor to join the company at such an exciting moment in its journey,” he said in a statement.
Subway faces substantial challenges, however. Fast-food restaurant chains have struggled to regain traffic early this year amid a host of issues, notably inflationary pressure on lower-income consumers and a host of weather events.
The issues are particularly problematic for the Miami-based sandwich chain, which relies on low-volume stores run by franchisees. Those operators have closed more than 7,000 restaurants since 2015, including more than 350 restaurants last year, according to data from Restaurant Business sister company Technomic.
The company has been pushing new menu items and various offers all year, including new Footlong Doritos Nachos and subs topped with hot honey. It has also pushed discounts through its mobile app, which have drawn the ire of some of its franchisees.
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