Potbelly’s Chief Operating Officer Adam Noyes has been promoted to president of the sandwich chain, effective immediately, according to a press release. Bob Wright, the brand’s CEO, will stay with Potbelly through the end of the year.
The executive changes coincide with the completion of c-store giant RaceTrac’s roughly $566 million acquisition of the sandwich shop, according to the press release.
Wright said RaceTrac’s significant resources mean Potbelly is “positioned to accelerate growth toward 2,000 plus shops while staying true to our mission of delighting customers with great food and good vibes.”
Noyes has been with the sandwich chain for more than five years, according to his LinkedIn profile, meaning Wright’s departure at the end of the year is unlikely to mark a rupture in the brand’s leadership.
The press release stated “Potbelly will continue to operate as usual.”
This year has seen a surprising amount of restaurant-sector M&A activity. In addition to a number of brands acquired out of bankruptcy, the sector has seen a range of deals — from Roark’s $1 billion partial buy of Dave’s Hot Chicken to Yadav Enterprises’s $115 million acquisition of troubled Del Taco.
