Subway, the global restaurant chain, has been going through a challenging period in the last few years. One significant blow to the company was the conviction of their former spokesperson, Jerry Fogel, on charges of lewd imagery and child exploitation, which led to his imprisonment. However, despite this setback, the chain’s popularity has not waned entirely, and people still prefer Subway over other fast-food chains like Burger King and McDonald’s, given their relatively healthier food options.
Customers have the freedom to customize their sandwiches, choosing from a variety of bread and filling options. Nevertheless, Subway has had to close hundreds of branches worldwide, with about 900 branches closing in 2018 alone, and an additional 500 branches subsequently shut down.
Suzanne Greco, the CEO of Subway, has been with the company since her early years and has been under fire from franchises for not providing adequate support and failing to foster growth. According to Business Insider, a survey of Subway’s 25,800 branches in America revealed that one-third of them were not profitable.
Some franchises have expressed their dissatisfaction with Greco, claiming that she has not been doing enough to help them. They feel that she has been providing insufficient support and is not the right person to lead the company. They have also complained that she has been telling them that she is doing them a favor, leading to further dissatisfaction and frustration.
Subway is facing several challenges, including the closure of numerous branches, a loss of profitability in many locations, and the disapproval of some franchises towards the CEO. It remains to be seen how Subway will overcome these challenges and emerge stronger in the highly competitive fast-food industry.
The franchisees of Subway are experiencing substantial losses, and instead of working towards a solution to address the issue, the CEO Suzanne Greco has announced her retirement. This move comes after many franchise owners expressed their disappointment and dissatisfaction with her leadership. As a result, Trevor Haynes, the chief business development officer, will serve as the interim CEO.
Following the death of Fred DeLuca, Suzanne Greco, his sister succeeded him as the CEO of the Subway international chain in 2015. With her resignation, the franchise will be without the leadership of the DeLuca family for the first time in 53 years. Her retirement will take effect at the end of June.
In her statement, Greco expressed her deep love for the Subway company and brand, which has been a part of her life since she was seven years old. She claimed that she had made significant strategic moves in the last three years and was confident in the company’s future. However, franchise owners disagree with her assessment, and many expressed their optimism about the change in leadership.
According to an ex-manager of Subway franchises interviewed by the New York Times, Greco’s departure was long overdue. When Fred DeLuca appointed her as CEO, it was not expected to be a long-term arrangement. Despite this, Greco hopes that the new CEO will be able to turn the company’s fortunes around and bring it out of the red.
In conclusion, Subway’s CEO Suzanne Greco has announced her retirement amid a backdrop of significant losses for the franchisees. This change in leadership comes after franchise owners expressed their dissatisfaction with her leadership. Trevor Haynes will be the interim CEO, taking over the reins from the DeLuca family for the first time in over 50 years. While Greco is optimistic about the company’s future, franchise owners are hopeful that the new leadership will be able to address the issues that have plagued the franchise in recent years.