Papa John's International, Inc. (NASDAQ: NASDAQ:PZZA) on Thursday said that the appointment of Todd Penegor as President and Chief Executive Officer, effective immediately.
Penegor, who also joins the company's Board of Directors, replaces Ravi Thanawala, the interim CEO since March 2024.
Thanawala will resume his role as Chief Financial Officer.
Penegor brings two decades of experience in the restaurant and consumer goods industries to Papa John's. His previous role as President and CEO of The Wendy's (NASDAQ:WEN) Company saw substantial growth in sales, earnings, and new restaurant counts, including a global expansion to over 7,000 restaurants and 12 consecutive years of same-restaurant sales growth.
Before Wendy's, Penegor held leadership positions at Kellogg Company (NYSE:K) and Ford Motor Company (NYSE:F).
Christopher Coleman, Chair of the Papa Johns's Board of Directors, showed confidence in Penegor's ability to lead the company's growth and innovation, citing his track record with franchised operations and digital transformation.
Coleman also acknowledged Penegor's experience in capital allocation and profitability enhancement.
Penegor expressed his commitment to Papa John's, emphasizing the importance of delivering exceptional customer experiences and leveraging the company's differentiated market position. He also recognized the solid foundation already established at Papa John's for future growth.
Penegor served as Wendy's CEO from 2016 to 2024 and as CFO from 2013 to 2016. His career also includes key roles at Kellogg Company and Ford Motor Company. He currently serves on the boards of Ball Corporation (NYSE:BALL) and Dutch Bros Inc (NYSE:BROS). and has previously served on the board of Perrigo Company (NYSE:PRGO). Penegor holds a BA in Accounting and an MBA in Finance from Michigan State University.
Papa John's, co-headquartered in Atlanta, Ga., and Louisville, Ky., is the third-largest pizza delivery company globally, with over 5,900 restaurants in around 50 countries and territories. The company is known for its commitment to high-quality ingredients and was the first national pizza delivery chain to remove artificial flavors and synthetic colors from its entire food menu.
InvestingPro Insights
As Papa John's International, Inc. (NASDAQ: PZZA) welcomes Todd Penegor as the new CEO, investors and stakeholders are closely watching the company's financial health and market performance. InvestingPro provides real-time data and analytics that shed light on the company's current situation.
InvestingPro Data shows a market capitalization of $1.46 billion, reflecting the company's valuation in the market. The P/E Ratio stands at 19.7, indicating how much investors are willing to pay for each dollar of earnings, which is a key metric for valuation. Papa John's revenue for the last twelve months as of Q1 2024 is reported at $2.12 billion, with a growth of 1.73% during that period, demonstrating the company's ability to increase its sales over time.
One of the notable InvestingPro Tips is that Papa John's has raised its dividend for three consecutive years, suggesting a commitment to returning value to shareholders. Additionally, the company has maintained dividend payments for 12 consecutive years, which could be an attractive point for income-focused investors.
For investors interested in the company's recent market performance, Papa John's has experienced a significant return over the last week. This short-term performance, alongside the company's history of profitability over the last twelve months, could suggest a potential rebound or positive investor sentiment following the leadership change.
InvestingPro has additional insights and tips for those looking to delve deeper into Papa John's financials and market performance. For more detailed analysis and other valuable tips, visit https://www.investing.com/pro/PZZA, where more than five additional InvestingPro Tips are available to help investors make informed decisions.
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