The Founder and CEO of a Franchise That Recently Sold for $8 Billion Is Stepping Down. Here's Who's Replacing Him. Learn what the change means for one of America's most popular sandwich chains.
By Carl Stoffers Edited by Jessica Thomas
Key Takeaways
- Jersey Mike’s founder, Peter Cancro, is stepping down, and Charlie Morrison, former Wingstop CEO, will take over.
- Morrison is known for driving Wingstop’s international expansion and IPO success.
- The leadership change follows Jersey Mike’s 2024 partnership with private equity firm Blackstone.
Sandwich giant Jersey Mike's announced Thursday that Charlie Morrison, a franchise veteran known for scaling restaurant brands, will become its CEO effective April 28. He succeeds founder Peter Cancro, who built Jersey Mike's from a single sub shop at the Jersey Shore into a 2,800-unit powerhouse. Cancro will remain chairman of the board and a minority shareholder. The move marks a pivotal moment for Jersey Mike's as it prepares to accelerate growth in both domestic and international markets.
"In Charlie, we have found the ideal next CEO for Jersey Mike's, and I look forward to him propelling our business even further," Cancro said in a statement. "Importantly, he also shares our values and commitment to giving to the communities we serve."
Morrison brings more than 30 years of experience in the restaurant franchise industry, most notably as CEO of Wingstop from 2012 to 2022. Under his leadership, Wingstop expanded to more than 2,300 locations across more than 10 countries, and its average unit volume doubled. He also led the company's successful IPO in 2015. Morrison most recently served as CEO of Texas-based Salad and Go.
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His arrival comes at a high-growth moment for Jersey Mike's. The company ranked #2 on Entrepreneur's 2025 Franchise 500, holding steady from 2024. Last November, private equity firm Blackstone acquired the brand for $8 billion with an aim to support global expansion and digital infrastructure. Jersey Mike's also announced its first international expansion in 2024, planning more than 300 restaurants in Canada.
Morrison will take the reins at a time of strong momentum, with plans to build on Jersey Mike's rapid expansion and tech-driven initiatives. He emphasized his excitement about collaborating with franchise owners and continuing to drive innovation while staying true to the brand's values of quality, service and community.
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"I could not be more excited to get to work with this incredible team and the owners who bring it to life every day," Morrison said. "Together, we'll focus on continuing to accelerate growth across new and existing markets and identifying opportunities to invest in additional technological advancements and innovation."
With Cancro staying on as chairman and Morrison stepping into day-to-day leadership, Jersey Mike's appears poised to grow its footprint and influence even further — without losing sight of the values that have defined the brand for nearly 50 years.
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