Potbelly promotes Adam Noyes to president

Core Insights - RaceTrac has completed the acquisition of Potbelly, a fast-casual sandwich chain, which was initially announced in September [1] - Adam Noyes has been appointed as the new president of Potbelly, while Bob Wright will continue as CEO until the end of the year [2] - Under Bob Wright's leadership, Potbelly's share price increased from less than $3 to over $10, driven by a five-pillar strategy [2] Company Leadership Changes - Adam Noyes, previously Potbelly's COO, takes on the role of president immediately following the acquisition [2] - Bob Wright has been CEO since July 2020 and has focused on enhancing traffic, profitability, customer experience, digital awareness, and franchise development [2] Acquisition Details - RaceTrac acquires over 445 Potbelly shops, both company-owned and franchise-owned, with plans for continued franchised growth [3] - The acquisition aims to leverage RaceTrac's resources to accelerate Potbelly's growth towards a target of over 2,000 locations [3] Strategic Vision - RaceTrac views the acquisition as a natural evolution of its growth strategy, adding fast-casual expertise while preserving Potbelly's unique identity [4] - The integration will welcome over 5,200 Potbelly team members and franchise partners into the RaceTrac organization [4]