Deno Out, Schaden In As Quiznos Ceo

(Monday, February 23, 2009) - Dave Deno has resigned at CEO of Quiznos after less than five months in the post, to be replaced by Rick Schaden, a large shareholder of the sandwich chain.

Greg Brenneman, a former CEO and another large shareholder, will continue as executive chairman of the privately-held, Denver-based company.

"It is important that the investors directly spend their time and efforts with the company during these challenging economic times," Schaden said in a statement Monday. "Greg and I enjoy working together and will continue to do so."

He said that that despite the shakeup, the chain's strategy "will be exactly as it is today."

Deno's departure is for "personal reasons," the company said. He took over the CEO post from Brenneman on Sept. 31 after being named president in January 2008.

Schaden helped build Quiznos from 18 stores in 1991 to more than 5,000 worldwide today.

"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," Brenneman said in a statement.

"Rick was a franchise owner before buying and growing Quiznos," he said. "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."

Brenneman also is chairman of CCMP Capital Advisors LLC, a private equity firm that manages J.P. Morgan Partners' investment in a portion of Quiznos. J.P. Morgan Partners is a private equity division of J.P. Morgan Chase & Co.

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