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Posted 21 March, 2024

PAPA JOHNS INTERNATIONAL INC appointed Mr. Lynch as new CEO

Nasdaq:PZZA appointed new Chief Executive Officer Mr. Lynch in a 8-K filed on 21 March, 2024.


  In connection with Mr. Lynch's resignation, on March 20, 2024, the Board appointed Ravi Thanawala, the Company's Chief Financial Officer, to the additional position of interim Chief Executive Officer, effective March 20, 2024.  

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Overview of PAPA JOHNS INTERNATIONAL INC
Leisure/Arts/Hospitality • Restaurants
Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants. It operates through the following segments: Domestic Company-owned Restaurants, North America Franchising, North America Commissaries, International Operations, and All Others. The Domestic Company-Owned Restaurants segment consists of the operations of all domestic company-owned restaurants and derives its revenues principally from retail sales of pizza and side items, including breadsticks, cheese sticks, chicken poppers and wings, dessert items, and canned or bottled beverages. The North America Commissaries segment is involved in the operations of regional dough production and product distribution centers and derives its revenues principally from the sale and distribution of food and paper products to domestic company-owned and franchised restaurants in the United States and Canada. The North America Franchising segment offers franchise sales and support activities and derives its revenues from sales of franchise and development rights and collection of royalties from franchisees located in the United States and Canada. The International Operations segment represents the distribution sales to franchised Papa John’s restaurants located in the United Kingdom and franchise sales and support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from international franchisees. The company was founded by John H. Schnatter in 1984 and is headquartered in Louisville, KY.
Market Cap
$2.30B
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Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On March 18, 2024, Robert M. Lynch informed the Board of Directors (the "Board") of Papa John's International, Inc. (the "Company") of his decision to resign from his position as President and Chief Executive Officer of the Company and as a director of the Board, in each case effective March 20, 2024, to assume a chief executive officer role with another company. Mr. Lynch is expected to continue his service with the Company as a strategic advisor through April 30, 2024 to assist in the transition of his duties. Mr. Lynch's resignation is not due to any disagreement with the Company, the Board or management on any matter relating to the Company's operations, policies, practices or otherwise, and Mr. Lynch is not entitled to any severance benefits as a result of his departure. On March 20, 2024, the size of the Board was reduced from ten to nine directors in connection with Mr. Lynch's resignation as a director.


In connection with Mr. Lynch's resignation, on March 20, 2024, the Board appointed Ravi Thanawala, the Company's Chief Financial Officer, to the additional position of interim Chief Executive Officer, effective March 20, 2024. The Company is currently searching for a permanent Chief Executive Officer.


Mr. Thanawala, 40, has served as the Company's Chief Financial Officer since July 2023. Prior to joining the Company, Mr. Thanawala served in various roles at Nike, Inc. after joining in October 2016, including Vice President and Chief Financial Officer of Nike North America from June 2020 to July 2023 and Global Vice President and Chief Financial Officer of the Converse brand from June 2018 to June 2020 as well as the Global Vice President, Retail Excellence from 2016 to 2018. Prior to Nike, Inc., he spent eight years at ANN, Inc., a subsidiary of Ascena Retail Group, Inc., in finance leadership and operational roles, including his last role as the Senior Vice President and CFO of ANN, Inc. Mr. Thanawala graduated from Stern School of Business at New York University with a Bachelor of Science in Finance and Policy Economics.


Mr. Thanawala has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K, has no arrangement or understanding between him and any other person required to be disclosed pursuant to Item 401(b) of Regulation S-K and has no family relationships required to be disclosed pursuant to Item 401(d) of Regulation S-K.


In connection with his appointment as interim Chief Executive Officer, the Compensation Committee of the Board has approved the following changes to Mr. Thanawala's compensation, in each case for the period of time in which he serves in this position: (i) an increase of $130,000 in his annual base salary and (ii) an increase in his target annual bonus opportunity to 125% of his base salary. Mr. 


Thanawala will also be awarded a time-based restricted stock grant with a value of $400,000 that will vest on the second anniversary of the grant date, subject to his continued service with the Company.