Papa John’s stock lifts amid founder’s resignation
32 Advisors CEO Robert Wolf on how Tesla CEO Elon Musk apologized for calling one of the men involved in the Thai cave rescue a “pedo.” Wolf also discussed how Papa John’s Founder John Schnatter resigned after he admitted to using the N-word on a conference call.
Papa John’s International will reportedly name a new CEO as early as Tuesday.
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He is Rob Lynch, president of Arby’s Restaurant Group, according to Bloomberg.
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Lynch is expected to succeed Steve Ritchie in the position.
The naming of a new chief executive is one of the biggest moves made by shareholder Starboard Value.
Starboard Value has invested $250 million in the pizza company since in February, at that time naming Jeffrey Smith as chairman.
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Representatives for Papa John’s, Arby’s and Starboard didn’t immediately respond to Bloomberg’s requests for comment.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| PZZA | PAPA JOHNS INTL | 43.82 | +0.76 | +1.76% |
Lynch joined Arby’s in 2013 as chief marketing officer.
His resume includes positions at Procter & Gamble and Yum! Brands’ Taco Bell.
Papa John’s founder John Schnatter agreed to resign earlier this year from the board and dismiss a lawsuit related to his departure last year as chairman.
Public troubles began in November 2017 when Schnatter ignored the advice of his board and, during a quarterly earnings call, blamed the chain’s slowing sales growth on the National Football League’s handling of its players’ national anthem protests.
Schnatter agreed in December 2017 to step down as CEO because of the backlash.
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The founder used a racial slur on a conference call, which he said was taken out of context.
Papa John’s operates about 5,300 locations globally.
