Subway Chief Executive Officer John Chidsey will retire at the end of 2024 after five years in the role at the closely held sandwich chain.
Carrie Walsh, the chain’s president for Europe, the Middle East and Africa, will serve as interim CEO while Subway searches for Chidsey’s successor, the company said in a statement Tuesday.
Chidsey joined in 2019, becoming the first CEO outside the company’s founding family as the chain struggled with declining sales. He has tried to win back customers by refreshing the menu and opening more stores abroad for what is already one of the world’s biggest restaurant brands.
Chidsey was also responsible for managing Subway sale to Roark Capital Group, a prolific restaurant investor whose holdings include Dunkin’ owner Inspire Brands.
Chidsey will take on an advisory role during the leadership transition, the company said.