Quiznos, the Denver-based toasted-sandwich chain, said this week that Dave Deno resigned as chief executive officer for personal reasons less than five months after his promotion to the post.
Quiznos founder and major shareholder Rick Schaden will become the new CEO, while the company's previous CEO, Greg Brenneman, will continue in his role as executive chairman.
The shake-up comes as Quiznos last month slashed prices on its sandwiches in an attempt to lure recession-racked customers back to its stores. The company is also working on expanding the 5,000-store chain overseas and boosting profits for the privately held company's U.S. franchisees, who sometimes have had a rocky relationship with the company.
"I love the (Quiznos) brand, and I see the current economy as a big opportunity," Schaden said in an interview. "Being in the sandwich business, we're a staple food item, and it's a good time to be a staple food item. I look forward to working with our franchisees to capture that opportunity."
Deno succeeded Brenneman in September after serving as president throughout 2008. He previously worked as chief financial officer and chief operating officer at Yum Brands, the owner of Pizza Hut and Taco Bell. Deno had been commuting weekly for more than a year to his home in Louisville, Ky., while his youngest child finished high school.
"The commute was becoming unbearable, and if you set that aside, we're in a tough economy where you have to work twice as hard, not just at Quiznos but everywhere," Brenneman said. "There was no business philosophy or performance difference (between us). The commute just wasn't working."
Schaden and his father purchased the 18-store Quiznos chain in 1991 and helped it expand to become the second-largest sandwich chain after Subway.
Schaden stepped aside in 2007 to focus on his investment firms, Consumer Capital Partners and Cervantes Capital, when Brenneman succeeded him as CEO. Schaden and his family then founded America's Road Home, a Denver nonprofit focused on ending homelessness, and Consumer Capital Partners in 2007 launched fast-casual restaurant chain Smashburger.
Schaden continued to remain involved in Quiznos operations, spending the past six months working on new menu items that will be launched next month.
(Joyzelle Davis writes for the Rocky Mountain News in Denver, Colo.)
Schaden is a criminal that belongs in jail
You describe Schaden's relationship with the Franchises as "rocky" that's putting it mildly! Schaden uses lawyers in the same way famous NY mobster John Gotti did, to twist and pervert the law. In Schaden's case, he uses the law as a weapon to make his franchises indentured Servants. He sues them at the drop of a hat if they dare speak out saying anything negative, not about the food, but about him!
Several franchisees have been driven to the point of suicide. When one of them had in his possession a suicide note saying he blamed Schaden and Quiznos for destroying his life, Schaden had his army of lawyers sue the Franchisees that posted that note online.
In the case of Deno, this BS that he quit is just that, pure lies from Schaden. This week they fired over 100 people including Deno. He is moving money out of the company and preparing to file for Chapter 11. Too bad there is no investigative journalism anymore as this guy is worse then Bernie Madoff, and if people in Colorado knew the truth about him, he wouldn't be able to show his face in public.
AMEN AND AMEN
AMEN AND AMEN
Shady Schaden
Screwed the IPO investors too
schaden is a POS !!!
I owned one of the first 200 franchises.
When my Wife was terminally ill, this POS took advantage of me and stole the store from me.
Not only did I lose my wife but also my house due to this POS not careing about anyone but himself....I hope he rots in hell !!!!
After reading the above
After reading the above comments, no more Quiznoes for me!
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