Jersey Mike’s $12 billion IPO filing reveals a $50 million payday for the founder’s stepson and a $41 million jet

Jersey Mike’s has filed for an initial public offering, and its disclosures reveal just how much its founder and former CEO Peter Cancro and his family collected in compensation and other perks.

The sandwich chain’s Form S-1 prospectus filed last week shows Cancro’s stepson Phillip Sivolobov received $50.5 million in compensation from the restaurant between 2023 and 2025. Cancro’s brother John Cancro received about $21 million in compensation over the same period and brother-in-law Daniel Powers amassed more than $31 million from fiscal 2024 to 2025. According to the filings, the family members were “employed by the Company in various roles.” They did not receive any payment from the company in the 13 weeks leading up to March 29, the end of the first quarter of fiscal 2026.

The filings also show that, connected to Blackstone, a New York-based alternative asset management firm, acquiring a majority stake in the company in 2024, a $41........

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