Quiznos Appoints Dave Deno as Chief Executive Officer and Greg Brenneman as Executive Chairman
DENVER--(BUSINESS WIRE)--Quiznos, one of the nation's premier quick service restaurant chains and pioneer of the toasted sandwich, today announced that as of September 30, 2008 Dave Deno has been promoted from President to President and CEO and Greg Brenneman has been appointed Executive Chairman of the Board.
"Dave has been a terrific partner and friend to me. He will do an incredible job as CEO of Quiznos for many years to come," said Greg Brenneman. "Dave is a natural leader whom everyone likes and respects with a stellar track record of over 25 years in the quick service restaurant (QSR) industry at YUM, PepsiCo and Burger King. Among other things, he has done an incredible job of leading the management team during the implementation of the catering and delivery program and spurring Quiznos international growth, both of which will drive the brand for at least the next decade. I speak for the Board and all the Quiznos partners in saying we look forward to his leadership of the brand for years to come."
"The flawless transition at Quiznos from the founders to a professional management team is a tremendous tribute to my friend and partner; Quiznos founder Rick Schaden." Brenneman continued. "Along with franchise owners and Quiznos employees, Rick grew the business from 18 to over 5000 restaurants and then, about two years ago, executed a seamless handoff to me and our new management team."
"Quiznos is one of the finest brands in all of QSR and leading it fulfills a life-long dream for me," said Dave Deno. "Moving forward, our strategy will be exactly as it is today. Our primary focus will be on increasing restaurant profitability for our franchise owners by bringing our great products, value and convenience to consumers so that they use Quiznos more often in the US and around the world. We are very pleased with the profits for our franchise owners from our new delivery and catering program. Through our talented executive team and franchise owners, we have accomplished more in a year in implementing delivery and catering than virtually anything else I have ever done. We should also remain one of the fastest growing brands in QSR with a very diverse mix of development in both the US and international markets."
"Greg has been and will continue to be a great mentor, partner and friend to me." Deno continued. "He has done a terrific job at Quiznos building a world-class management team which was ranked the best new management team in QSR by QSR Magazine last year, putting in place a clear strategy and driving execution as we have moved the brand forward. His entire focus has been to improve the lives of Quiznos franchise owners and he is relentless in his desire to see them succeed and in his communication with them. As happened at Continental, PwC Consulting and Burger King, Greg's leadership and vision have helped position Quiznos for long-term success. We are all fortunate he will remain active in our business as Executive Chairman."
"We feel very fortunate to have executives of the caliber of Greg and Dave at the helm of Quiznos," said Quiznos founder and board member Rick Schaden. "Greg has done a great job at Quiznos. From the beginning, his goal was to put in place and execute a focused growth strategy and world-class management team so that he could transition to a role that fits his longer term desires. These strategies are now in place and the company is well positioned for long-term growth. Greg and I were both thrilled when Dave agreed to join the Quiznos management team earlier this year and are very pleased to have him as our CEO. Greg, Dave and I have a terrific relationship and look forward to working together for years to come."
Separately, CCMP Capital announced today that Mr. Brenneman is becoming Chairman, a Managing Director and a member of the Investment Committee of the firm. See CCMP announcement released August 19, 2008 at 9:00 AM EST for further information.
About Dave Deno
Dave Deno joined Quiznos from CCMP Capital Advisors, LLC where he was a Managing Director. While at CCMP, Deno was a board member of Quiznos. Before joining CCMP Capital, David spent more than 15 years with YUM Brands and PepsiCo. As Chief Operating Officer, and previously Chief Financial Officer, he was instrumental in growing YUM Brands and building shareholder value after its spin off from PepsiCo in 1997. Deno also held senior positions in YUM's International and Pizza Hut divisions. Prior to joining YUM, David worked for Burger King Corporation for 8 years in various finance, real estate and operations assignments. David is also a board member at Peet's Coffee and chairman of the board of trustees at Macalester College.
About CCMP and Quiznos
In May 2006, Cervantes Capital sold part of its ownership in Quiznos to affiliates of J.P. Morgan Partners, LLC ("JPMorgan Partners") a private equity division of JPMorgan Chase & Co., in order to take the company to the next level. CCMP Capital Advisors, LLC ("CCMP Capital"), a private equity firm formed by the former buyout and growth equity professionals of JPMorgan Partners, manages the investment pursuant to a management agreement with JPMorgan Chase & Co. and JPMorgan Partners. Cervantes Capital and JPMorgan Partners together with Mr. Brenneman's firm, TurnWorks Inc., which invested in January 2007, all continue to have significant equity positions in the Company.
Celebrating its 27th anniversary, Denver-based Quiznos is a national chain designed for today's busy consumers who are looking for a tasty, freshly prepared alternative to traditional fast food restaurants. Using only premium quality ingredients, Quiznos restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads. With more than 5,000 franchise restaurants, Quiznos is one of the fastest growing quick service restaurant chains.
In December, the Quiznos management team was named the "Best New Class" by QSR Magazine. In October 2007, Quiznos was recognized for leading the QSR industry in wait time performance by the Mystery Shopping Providers Association's (MSPA) 2007 Wait Time Study. In May 2007, Zagat's consumer surveys listed Quiznos in the top 5 for Top Food, Top Facilities, Top Service and Top Overall, ahead of its direct competitors. In June 2006, Nation's Restaurant News ranked Quiznos in its Top 100 Restaurant Chains as the #1 restaurant chain in growth in number of units--five years in a row. Entrepreneur magazine in January, 2006 ranked Quiznos in its annual Top Franchise 500 as the #2 Best Overall Franchise and QSR magazine ranked the chain in its Top 50 Chains in August, 2005 as #3 by change in system-wide sales.
For further information, please visit www.quiznos.com