Hand & Stone Names Subway Veteran as CEO

Hand & Stone Massage and Facial Spa appointed Carrie Walsh as chief executive, effective July 1. She succeeds Todd Leff, who ran the brand as interim CEO and stays on as chairman. The move puts a leader with global restaurant-franchise experience at the head of a 650-unit wellness system.

Who Walsh Is

Walsh most recently served as interim CEO of Subway, where she oversaw development and profitability across a network of tens of thousands of locations. She previously led Subway's EMEA region, running more than 6,000 franchises, and held marketing roles at Pizza Hut, PepsiCo, and Michaels. Her background is franchise scale and brand marketing, not spa operations.

The State of the Brand

Hand & Stone operates more than 650 spas across 36 states and Canada on a membership model that produces recurring revenue. The company reports record membership and systemwide sales that outpace the broader spa category. It ranked first in massage and spa services in the 2026 Entrepreneur Franchise 500.

Why the Hire Signals Growth

Hiring an operator who managed franchise development at global scale points to an expansion agenda, not a turnaround. For franchisees, the practical question is whether Walsh's marketing and development playbook from quick-service restaurants transfers to a higher-ticket, appointment-based wellness membership. The two categories share recurring-revenue mechanics but differ sharply on unit economics and labor.