Rumors of the transition began circulating last week, and both companies confirmed the move on Monday. Financial terms were not disclosed, but the firms emphasized that this is not an acquisition.
Chidsey's arrival in 2019 marked the beginning of a bold transformation for Subway, which was grappling with declining sales, franchisee dissatisfaction and fierce competition. His tenure was defined by strategic initiatives like the 'Eat Fresh Refresh' campaign, a sweeping overhaul of Subway's menu that introduced premium ingredients, new recipes and simplified options like the Subway Series.