Peter Cancro steps down as Jersey Mike's CEO after $8 billion sale

In the United States, Peter Cancro, the founder and long-time CEO of Jersey Mike's Subs, is transitioning from his leadership role following an $8 billion sale of the company to private equity giant Blackstone. This sale marks a significant turning point as it brings to an end Jersey Mike’s nearly 70-year history as an independently owned business. Cancro announced that Charlie Morrison, the former CEO of Wingstop, was appointed as his successor, effective on April 28, 2025. Under his leadership, Jersey Mike's Subs grew significantly, increasing its national footprint to around 3,000 locations, thereby establishing itself as a formidable competitor in the sandwich industry, particularly against the well-known brand Subway. Cancro, who started his journey with Jersey Mike’s Subs in 1971 as a high school student, has overseen the company’s evolution from a single location in New Jersey into a thriving franchise. He expanded the brand throughout the U.S. and Canada, with plans for further international expansion into Europe and the UK. After nearly 50 years of driving innovation and expansion in the fast-casual dining segment, Cancro's decision to step back from daily operations is juxtaposed against the backdrop of a lucrative deal that significantly increases his wealth, reflected in his estimated net worth of $7.5 billion according to the Bloomberg Billionaire Index. Charlie Morrison's appointment comes at a crucial time as Jersey Mike's aims to build on the momentum created by Cancro. Morrison boasts a distinguished record from his tenure at Wingstop, where he led the company during a period of monumental growth, including a successful IPO. Cancro expressed confidence that Morrison possesses the necessary vision and energy to further accelerate the expansion of the Jersey Mike’s brand in both domestic and international markets, thus signaling a potential new chapter for the company. The sale to Blackstone not only alters ownership dynamics but also induces an essential strategic shift. The influx of private equity investment is expected to fuel innovations, marketing, and expansion initiatives. While Cancro will retain his status as chairman of the board and remain a minority shareholder, the full implications of this leadership transition and substantial investment will unfold in the coming months, as Morrison takes the reins with a strong mandate to reinforce and expand Jersey Mike’s position in the highly competitive sandwich market.