CEO Rob Lynch to be succeeded by Ravi Thanawala
as Interim CEO, Board of Directors conducting comprehensive
external search
Papa John's International, Inc. (NASDAQ: PZZA) (“Papa Johns®”)
today announced Rob Lynch, President and Chief Executive Officer,
will be departing Papa Johns to assume another CEO position. The
Board has appointed Ravi Thanawala, Papa Johns current Chief
Financial Officer, as Interim CEO effective today. To ensure a
smooth transition, Mr. Lynch will provide continued support in an
advisory role until April 30, 2024. The Board is conducting a
comprehensive search process to identify a successor for the CEO
role.
“Since joining Papa Johns nearly five years ago, Mr. Lynch has
guided the Company through a business and culture transformation. I
am joined by the Board, our team members and our franchisees in
sharing our deepest thanks for his service and contributions in
rebuilding the strength of the brand as CEO. We wish Rob all the
best,” said Chairman of the Board, Christopher Coleman. “I am
confident that we have a strong leadership team in place – led by
Ravi Thanawala as Interim CEO – to continue to execute our
long-term strategy as the Board takes the necessary time to
identify the next CEO for Papa Johns.”
“It’s been my honor and privilege to serve as Papa Johns CEO for
the past five years. I could not be more proud of the work our
Executive Leadership Team, team members and franchisees have done
to grow and transform this brand,” said Rob Lynch. “This was an
incredibly difficult decision for me, as I see all of the upside
potential that exists for this great company. That being said, I
feel good about this decision knowing that Papa Johns is very well
positioned for both the short and long term. I am certain that Papa
Johns’ incredible leaders, franchisees and team members will
continue to do what only Papa Johns can: deliver better pizza to
the world.”
“I’m honored to step in as Interim CEO during this transition
period and thank the Papa Johns Board of Directors for its
confidence in me,” said Mr. Thanawala. “We have a talented
Executive Leadership Team, a strong group of franchisees and
dedicated team members behind this iconic brand who will continue
to deliver on our Back to Better 2.0 strategy and international
transformation initiatives, creating long-term value for all of our
stakeholders.”
Mr. Thanawala joined Papa Johns in 2023 as Chief Financial
Officer. Prior to joining Papa Johns, he served as Chief Financial
Officer of Nike North America, Nike Inc.’s largest division,
generating approximately $20 billion in revenue on an annual basis.
During his seven years at Nike, Inc., Mr. Thanawala also served as
the Global VP and CFO of the Converse brand, executing Nike’s
global omnichannel direct-to-consumer strategy and successfully
turning around the $3.5 billion dollar Converse brand. In addition,
he was the Global VP of Retail Excellence, overseeing the brand’s
performance across its business channels of franchises, licenses,
direct to consumer and wholesale. Prior to Nike Inc., Mr. Thanawala
spent eight years at ANN INC. in finance and operations roles.
Fiscal 2024 Adjusted Operating Income and development outlook
reaffirmed
Papa Johns announced its Back to Better 2.0 growth strategy and
international transformation initiatives earlier this year, which
include a focus on deepened marketing investments, new franchisee
incentives to accelerate North America development and
optimizations to transform the brand’s international presence.
As the Company continues to execute on these initiatives, it
remains on track to achieve Adjusted Operating Income1 in 2024
between $153 million and $163 million. Additionally, the Company
expects net unit growth for North America to increase more than 20%
relative to 2023 net unit openings and anticipates International
gross openings to be between 100 and 140 new International
restaurants.
About Papa Johns
Papa John’s International, Inc. (NASDAQ: PZZA) opened its doors
in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.®
Papa Johns believes that using high-quality ingredients leads to
superior quality pizzas. Its original dough is made of only six
ingredients and is fresh, never frozen. Papa Johns tops its pizzas
with real cheese made from mozzarella, pizza sauce made with
vine-ripened tomatoes that go from vine to can in the same day and
meat free of fillers. It was the first national pizza delivery
chain to announce the removal of artificial flavors and synthetic
colors from its entire food menu. Papa Johns is co-headquartered in
Atlanta, Ga. and Louisville, Ky. and is the world’s third-largest
pizza delivery company with more than 5,900 restaurants in 50
countries and territories. For more information about the company
or to order pizza online, visit www.PapaJohns.com or download the
Papa Johns mobile app for iOS or Android.
Forward-Looking Statements
Certain matters discussed in this press release and other
Company communications that are not statements of historical fact
constitute forward-looking statements within the meaning of the
federal securities laws. Generally, the use of words such as
“expect,” “intend,” “estimate,” “believe,” “anticipate,” “will,”
“forecast,” “outlook”, “plan,” “project,” or similar words identify
forward-looking statements that we intend to be included within the
safe harbor protections provided by the federal securities laws.
Such forward-looking statements include or may relate to
projections or guidance concerning business performance, restaurant
development and unit growth, adjusted operating income, growth
strategy and international transformation initiatives, new
franchisee incentives to accelerate North American development,
optimizations to transform the brand’s international presence and
long-term strategy. Such statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions, which are difficult to predict and many of which are
beyond our control. Therefore, actual outcomes and results may
differ materially from those matters expressed or implied in such
forward-looking statements.
Our forward-looking statements are based on our assumptions
which are based on currently available information. Actual outcomes
and results may differ materially from those matters expressed or
implied in our forward-looking statements as a result of various
factors, including but not limited to risks related to:
deteriorating economic conditions in the U.S. and international
markets, including the United Kingdom; labor shortages at Company
and/or franchised stores and our quality control centers; increases
in labor costs, commodity costs, supply chain incentive-based
rebates, or sustained higher other operating costs, including as a
result of supply chain disruption, inflation or climate change; the
potential for delayed new store openings, both domestically and
internationally, or lower net unit development due to changing
circumstances outside of our control; the increased risk of
phishing, ransomware and other cyber-attacks; risks and disruptions
to the global economy and our business related to the conflicts in
Ukraine and the Middle East and other international conflicts and
risks related to a possible economic recession or downturn that
could reduce consumer spending or demand. These and other risks,
uncertainties and assumptions that are involved in our
forward-looking statements are discussed in detail in “Part I. Item
1A. – Risk Factors” in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2023. We undertake no obligation to
update publicly any forward-looking statements, whether as a result
of future events, new information or otherwise, except as required
by law.
____________________________
1 Adjusted Operating Income is a non-GAAP financial measure. The
Company is not able to present forecasted GAAP operating income or
a quantitative reconciliation to forecasted Adjusted Operating
Income because the Company is not able to predict with reasonable
certainty and without unreasonable effort the impact and timing of
International repositioning and acquisition-related costs,
International restructuring costs and expenses and other special
items. The financial impact of these items is uncertain and is
dependent on various factors, including timing, and could be
material to the Company’s earnings.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240320118413/en/
Investors: Stacy Frole Vice
President, Investor Relations Papa John’s International
investor_relations@papajohns.com Media: Janelle Panebianco Senior Director,
External Communications Papa John’s International
janelle_panebianco@papajohns.com 502-261-4115
Grafico Azioni Papa Johns (NASDAQ:PZZA)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Papa Johns (NASDAQ:PZZA)
Storico
Da Set 2023 a Set 2024