Dive Brief:
- Papa John’s International appointed Ravi Thanawala, 39, as its next CFO, effective July 24, according to a filing with the Securities and Exchange Commission.
- Thanawala succeeds Chris Collins, who served a stint as CFO on an interim basis after Ann Gugino resigned back in March.
- Previously, Thanawala served as CFO of Nike since 2020, and before that, he was CFO of Converse, Nike’s only standalone subsidiary, according to his LinkedIn profile.
Dive Insight:
Thanawala is set to receive an annual base salary of $600,000, with a target annual cash incentive equivalent to 75% of his base salary, according to the filing.
The Louisville, Kentucky-based pizza chain reported total revenues of $527 million for its first quarter quarter ended March 26, down 3% or $15.6 million from a record first quarter a year ago, the company said in a May 4 release.
The CFO transition also happens as the company is seeking to achieve a goal of opening 270 to 310 more restaurant locations in 2023, the release said.
Meanwhile, the CFO transition makes this the third major change to the company’s C-suite this year. Before Gugino resigned and passed the torch to Collins, chief operating officer Max Wetzel stepped down from his role in February to become the CEO of CKE Restaurants.
