Subway CEO retiring after 3 years leading Milford giant
Suzanne Greco is retiring as CEO of Subway, more than three years after she was promoted to the role after her late brother and Subway cofounder Fred DeLuca stepped aside.
Subway named as interim CEO Trevor Haynes, who joined Subway in 2006 and is chief business development officer today. Greco has set a June 30 retirement date, and will continue as an advisor to the company’s executive team.
Greco, 60, joined Subway in 1973 as a sandwich “artist” after graduating from Sacred Heart University in Fairfield, and was elevated to CEO in January 2015 as DeLuca fought cancer, dying on Sept. 14, 2015. DeLuca created the company in Bridgeport in 1965 with backing from his cofounder and Danbury resident Peter Buck, who continues to hold an ownership stake alongside the widowed Elisabeth DeLuca.
“Subway has been part of my life since I was 7 years old,” Greco is quoted as saying in a press release issued Wednesday by Subway. “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.”
The company franchises more than 44,000 locations globally today, but fell precipitously last year on Entrepreneur magazine’s annual “Franchise 500” list of the top franchise opportunities. Under Greco, Subway has responded by updating the look of its restaurants, adopting digital ordering technologies and adding new condiments and menu items, as the case with McDonald’s and other rivals.
Last year, Subway announced it would add 200 jobs in Milford focused on digital marketing and other technology forays, with the town of Milford listing Subway’s headquarters employment at about 980 people as of 2017.
Greco had given no indication of plans to retire while participating in a Wall Street Journal interview for a profile that ran two weeks ago, telling the newspaper she does not hold shares of Subway. She spends her outside activities these days include boating, traveling and shepherding a daughter to equestrian events.