Subway Taps Ex-Burger King Executive Jonathan Fitzpatrick As CEO To Lead Turnaround

Subway is bringing in former Burger King executive Jonathan Fitzpatrick as its next chief executive, with a mandate to improve sales in the U.S. and help the company expand globally. 

He will take over on July 28, becoming the first CEO since private equity firm Roark Capital acquired the company for $9.6 billion last year. Fitzpatrick’s appointment comes as Subway works to reverse a years-long sales decline in the U.S. and expand its global presence. 

Fitzpatrick will succeed John Chidsey, who helped guide the chain through its sale. Chidsey was the former CEO of Burger King before taking over the helm at Subway in 2019. 

In a statement, Fitzpatrick said he plans to collaborate with franchisees and staff to boost profitability and grow the brand internationally.

Fitzpatrick has over two decades of experience in the franchising and quick-service restaurant sectors. Before working at Burger King, he served as the President and CEO of Driven Brands, which saw 17 consecutive quarters of same-store sales growth. 

Subway said the Fitzpatrick will be closely with the Interim CEO, Carrie Walsh, to ensure a seamless transition. 

For the first time in around two decades, the company’s U.S. store count fell below 20,000 at the end of 2024 – a net loss of 631 stores from the previous year. At its peak, the restaurant chain had around 27,000 locations open across the U.S. in 2015.

The U.S. stock market was trending in the green during midday trade on Monday. The SPDR S&P 500 ETF (SPY) was up 0.6% after the S&P 500 hit a new record high. The Invesco QQQ Series 1 Trust (QQQ) gained 0.75% with the Nasdaq 100 also hitting a new all-time high. 

Food and beverage ETFs also edged upwards with the broader market. The Invesco Food & Beverage ETF (PBJ) gained 0.17% and the AdvisorShares Restaurant ETF (EATZ) climbed 2.14%. 

On Stockwits, retail sentiment around PBJ dipped to ‘neutral’ from ‘bullish’ a day ago.

Read also: S&P 500, Nasdaq Hit Fresh Record Highs With Tech Earnings, Trade Talks in Focus

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