Subway taps former Burger King exec to lead global comeback
What's the story
Subway has announced the appointment of Jonathan Fitzpatrick, a former Burger King executive, as its new Chief Executive Officer (CEO). The Miami-based sandwich chain revealed on Monday that Fitzpatrick will be joining the company on July 28. He is the first CEO to be hired after Subway was acquired by private equity firm Roark Capital in 2024.
Professional background
Fitzpatrick's background and experience
Fitzpatrick has been serving as the president and CEO of Driven Brands since 2012. The company is also owned by Roark Capital and oversees auto service brands like Meineke Car Care Centers and Maaco. Prior to his tenure at Driven Brands, Fitzpatrick had a successful stint at Burger King where he held several senior leadership roles, including that of executive vice president.
Market challenges
Subway's recent struggles and response
Founded in 1965, Subway has grown into one of the world's largest restaurant chains with nearly 37,000 outlets across over 100 countries. However, in recent years, it has been losing sales to fast-growing competitors like Jersey Mike's and Firehouse Subs. To combat this trend, the company launched a line of chef-developed sandwiches in 2022 after discovering that customers were getting bored with its traditional model of custom-built subs.
Future Barn
Roark Capital's vision for Subway
When Roark Capital acquired Subway, it had said its intention was to continue modernizing restaurants and expanding internationally. The firm retained John Chidsey as CEO, who was the first non-family member to lead Subway when he took over in 2019. However, Chidsey retired late last year. Now under Fitzpatrick's leadership, Subway hopes to regain its footing in the competitive fast-food industry.