Suzanne Greco, CEO of Subway, announced on Wednesday that she is retiring as the chief executive officer of the company. The news has come following the shut-down of hundreds of Subway stores.
According to reports, the number of stores fell by 909 in the US last year. It has reduced three times compared to the previous year. It has recently announced plans to close 500 more US stores in 2018. It has also been reported that many franchisees were not happy with the working of Suzanne Greco.
Greco said in a statement, “Subway has been part of my life since I was 7 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.”
Suzanne Greco is the sister of the Fred DeLuca, who is the late co-founder of the company. Greco started working with Subway from a very young age and after completing her college she joined the corporate staff. Ever since she has been working with Subway, and has been closed to research and development.
According to reports around 25,800 stores are not making money and several franchisees were planning to close down their operations.
Trevor Haynes, Subway’s chief business development officer, will take over as interim CEO. Greco will retire on June 30 but she will continue to serve as a senior advisor to Subway.