Dave Deno Resigns for Personal Reasons; Greg Brenneman Continues as Executive Chairman; Rick Schaden Named CEO
DENVER--(BUSINESS WIRE)--Quiznos, one of the nation's premier quick service restaurant chains and pioneer of the toasted sandwich, today announced Dave Deno has resigned due to personal reasons. Quiznos' previous CEO Greg Brenneman will continue in his role as Executive Chairman, and Quiznos founder Rick Schaden will become CEO.
The involvement of Greg Brenneman and Rick Schaden in these roles signals the personal commitment of Quiznos' three large shareholders.
"Rick's amazing entrepreneurial skills were perfect for building Quiznos from the ground up and are ideal to grow the company in this tough economic environment," said Greg Brenneman, Executive Chairman. "Rick was a franchise owner before buying and growing Quiznos. He has a detailed understanding of the brand. The marriage of Rick's passion for the brand and new products, along with the world class management team we have brought in over the past two years, will enable us to maximize franchise owner profitability going forward. The Board would also like to thank Dave Deno for his service to the brand, both as a Board member and as CEO."
"Quiznos is a great brand that has just begun to harvest its incredible growth potential in both US and international markets," said Rick Schaden, Founder and CEO. "It is important that the investors directly spend their time and efforts with the company during these challenging economic times. Greg and I enjoy working together and will continue to do so in his role as Chairman of CCMP Capital Advisors and Executive Chairman of Quiznos."
Rick Schaden continues: "I am excited about working closely with franchise owners to improve restaurant operations. I also look forward to spending time with the outstanding Quiznos management team developing new products. 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 value and convenience to consumers so that they frequent Quiznos more often."
Rick Schaden is the Founder, CEO and large shareholder of Quiznos, building the brand since 1991 from 18 franchises to over 5,000 worldwide today. Mr. Schaden is also the Founder & Chairman of Consumer Capital Partners, a nationally recognized private investment, concept development, strategic advisory and causal marketing firm. Among other initiatives, Consumer Capital Partners is actively developing new restaurant and retail concepts including Smashburger, a rapidly growing "better burger" hamburger concept.
Mr. Schaden is a recognized leader in philanthropy, having created the "causal capitalism" model and is heavily involved in supporting many global, national and local charities. Mr. Schaden and his family founded the Schaden Family Fund, a charitable foundation that actively supports initiatives focused on ending world poverty through Millennium Promise, CARE, and UNICEF. Mr. Schaden is also a founder of America's Road Home, a 501(c)(3) public charity focused on ending family homelessness in the United States. Mr. Schaden and his wife recently received the national "Home for Every American" award from the United States Interagency Council on Homelessness for their support of America's Road Home. Locally, Mr. Schaden is actively involved with helping high-performing low-opportunity children in the Denver area achieve their full potential thru Smart-Girl and Kent Denver.
Mr. Schaden has won numerous industry and business innovation awards and distinctions and has served on several White House advisory councils. Mr. Schaden graduated Magna Cum Laude from the University of Colorado with a degree in Business Management and Finance.
In May 2006, Cervantes Capital sold part of its ownership in Quiznos to J.P. Morgan Partners, a private equity division of J.P. Morgan Chase & Company, in order to take the company to the next level. CCMP Capital Advisors, LLC, a private equity firm formed by the former buyout/growth equity professionals of J.P. Morgan Partners, manages the investment for J.P. Morgan Partners. Cervantes Capital, J.P. Morgan Partners and Mr. Brenneman's firm, TurnWorks Inc. who bought into the partnership in January 2007 all have equity positions in the Company. Mr. Brenneman also serves as full time Chairman and a member of the Investment Committee of CCMP Capital Advisors, LLC.
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 2007, 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.