LOUISVILLE, Ky. - Papa John's International, Inc. (NASDAQ:PZZA) has announced a change in leadership as Rob Lynch, the current President and CEO, steps down to take another CEO position. Ravi Thanawala, who has been serving as the company's Chief Financial Officer, will take over as Interim CEO effective immediately. Lynch will continue to support the transition in an advisory capacity until April 30, 2024.
The pizza chain's board is actively searching for a permanent CEO. Chairman Christopher Coleman expressed gratitude for Lynch's leadership, which saw the company through significant business and brand revitalization. He also conveyed confidence in the existing leadership team to maintain the company's strategic direction during the interim period.
Thanawala, who joined Papa John's in 2023, brings a wealth of experience from his previous roles, including his tenure as Chief Financial Officer of Nike (NYSE:NKE) North America and his contributions to the Converse brand. He expressed his commitment to steering the company through the transition and continuing its growth strategies.
Papa John's reaffirmed its financial outlook for fiscal 2024, with expectations for Adjusted Operating Income to be between $153 million and $163 million. The company anticipates over 20% growth in North American net unit openings relative to 2023 and projects 100 to 140 new international restaurant openings.
The company's "Back to Better 2.0" growth strategy and international expansion efforts, including new marketing investments and franchisee incentives, are key components of its development plans.
This leadership change comes at a time when Papa John's is navigating a dynamic market environment, with challenges such as labor shortages, rising costs, and economic uncertainties highlighted in their forward-looking statements. Despite these challenges, the company's strategic initiatives aim to create long-term value for stakeholders.
This report is based on a press release statement from Papa John's International, Inc.
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