Name: Jeff Shepherd
New title: CFO, Subway
Previous title: EVP and CFO, Advance Auto Parts
Shepherd began in his new position on Monday and succeeds Ben Wells, who will retire at the end of the year after being with the chain since December 2019. Wells has worked in the industry for 46 years, and his career included serving as CFO at Burger King from 2005 to 2011, according to a press release.
“Ben has been a key driver of our brand's global financial stability and strategic growth, contributing to 11 consecutive quarters of positive sales results,” CEO John Chidsey said in a statement.
Shepherd has nearly 30 years of financial and accounting experience and most recently served as CFO and EVP of Advance Auto Parts. In this role he led the company’s financial functions, which included “controllership and tax, financial planning and analysis, treasury, internal audit, pricing, and strategy,” the company said. Shepherd’s experience at Ernst & Young included developing a process to assist clients through bankruptcy. He also led tax remediation efforts at the firm.
“Jeff has a well-earned reputation for driving strong financial results for global brands, bringing nearly 30 years of financial and accounting experience to our organization,” Chidsey said.
Wells will remain with the company until the end of the year to help with the transition.
Jeff Shepherd’s resume:
- 2018 to 2023: EVP and CFO, Advance Auto Parts
- 2017 to 2018: SVP, Controller and Chief Accounting Officer, Advance Auto Parts
- 2015 to 2017: Controller, General Motors Europe
- 2010 to 2015: Assistant Controller, General Motors
- 2008 to 2010: Partner, Ernst & Young
- 1997 to 2008: Assurance and Advisory Services Senior Manager, Ernst & Young
- 1994 to 1997: Assurance and advisory Services Staff and Senior, Ernst & Young
What’s on Shepherd’s plate: Shepherd will oversee Subway’s global finance organization and be “responsible for managing and optimizing the brand’s global financial performance and information security,” the company said.
Subway is in the process of selling itself to Roark Capital, which entered a definitive agreement to buy the chain in August. The sandwich chain has made significant investments in improving its menu, including buying deli slicers for $80 million and installing the equipment in 20,000 restaurants. Last year, the company shifted its strategy from single-unit owner/operators to multi-unit franchisees, and has made big development moves globally, signing a deal with a Chinese operator to build 4,000 units over 20 years.
