DENVER Quiznos chief executive Greg Brenneman will become executive chairman and president Dave Deno will take on the additional title of CEO beginning Sept. 30, the company said Tuesday.
The shift in leadership is not expected to change the strategic direction of the more than 4,000-unit sandwich chain, which is focused on improving franchisee profitability and expanding internationally, Brenneman and Deno said.
Deno, former chief operating officer and chief financial officer at Yum! Brands Inc., was named Quiznos' president last year. He had served on the chain’s board and was a managing director of CCMP Capital Advisors LLC, a private-equity firm that has a stake in Quiznos. CCMP jointly owns the sandwich brand, along with J.P. Morgan Partners LLC and Brenneman’s firm, TurnWorks Inc.
Brenneman, who is credited with turning around Continental Airlines and Burger King, had been Quiznos' chief executive for the past 18 months. He also was named chairman and a managing director of CCMP Capital, in addition to his appointment as executive chairman of Quiznos.
Franchisee profits have improved over the past year and a half, but they could be higher, Brenneman said. He added that the company’s push into delivery and catering and improved pricing should continue to help franchisees. About half of Quiznos' units offer delivery. The chain also has introduced a $5, $7 and $9 pricing strategy for its subs, along with its $2 Sammies, to attract price-conscious consumers.
Quiznos also is pursuing more multiunit operators, both nationally and internationally, said Deno, who has been focused on overseas expansion.
“We want to become a global company,” Deno said.
Quiznos recently signed agreements with developers to build 100 restaurants in India and 175 in Brazil over the next 10 years. It also has signed deals for expansion in the United Arab Emirates, Saudi Arabia, Eastern Europe and the Dominican Republic. In addition, Quiznos said it is in discussions with potential developers in Singapore, Chile and Ecuador.
About 700 of the chain’s units are located in other countries.