Subway CEO Suzanne Greco will retire from her role effective today, with current chief business development officer Trevor Haynes appointed as interim chief.
The company said that Greco and Haynes will work together to ensure a smooth transition until Greco retires on 30 June 2018, at which point she will serve as a senior advisor.
Greco, who has been CEO since 2015, joined the company in 1973 as a “sandwich artist”. Prior to her role as chief executive, she was part of Subway’s research and development team for over two decades and was promoted to lead the group as vice president of operations and research and development in 2013.
The news comes as Subway struggles to keep some of its US restaurants open. Its store count fell by 909 last year and the chain is expected to close around 500 US locations this year. Greco has come under increasing criticism from franchisees in recent months.
In a statement, Subway shareholders said: “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 added: “Subway has been part of my life since I was seven 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.”
Trevor Haynes joined Subway in 2006 as territory manager in Australia and then moved to the UK in 2009 to serve as the senior area development manager for the UK and Ireland. In 2014 he joined Subway’s team in Milford, Connecticut, to serve as global director of operations. Haynes received his master’s degree in international management from Queensland University of Technology.
Subway has more restaurants than any other dining chain, with around 44,000 outlets in 112 countries, selling 7 million sandwiches a day.
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