News

Subway CEO exiting June 30

May 3, 2018

Subway CEO Suzanne Greco is retiring June 30, with the faltering chain's current Chief Business Development Officer Trevor Haynes stepping into the interim CEO's position and overseeing the day-to-day operations of the company. The 12-year veteran of the company will work with Greco until her departure, after which time Greco will serve as a senior advisor to the company, a news release said.

This comes on the heels last week of Subway's announcement that an undisclosed number of franchisees' stores would be closing, according to a company spokesman. 

"In North America, we are implementing an aggressive revitalization plan, which we expect to result in the closing, consolidation or relocation of a few hundred locations in 2018. Simultaneously, outside of North America, we expect to open more than 1,000 new restaurants this year. Looking out over the next decade, we anticipate having a slightly smaller, but more profitable footprint in North America and a significantly larger footprint in the rest of the world."

Greco was CEO for three years, after previously serving as vice president of Operations and Research & Development.

The company released this statement on behalf of its shareholders:
"We would like to express our deep appreciation to Suzanne for her lifetime of service in building Subway into one of the world's greatest successes. She was there when the first sandwich shop opened, and as CEO she focused on helping the company adapt to a more competitive and dynamic environment. As we work with Suzanne on a smooth transition for the business we cherish, we are grateful for her extraordinary contributions and her insightful and dedicated leadership.  We are optimistic about the brand and look forward to working with the next CEO to ensure a robust future for the company."

Greco said, "Subway has been part of my life since I was 7 years old. I love the brand and the company, and I always will, but it's time for me to have more balance in my life. I feel very good about the strategic moves we've made in the last three years, and I have confidence in the future of the company."

Haynes will serve as the interim CEO while the company launches its search for a permanent CEO. He joined Subway in 2006 as Territory Manager in Australia and in 2014 joined the team in Milford, Connecticut, to serve as the global director of operations.