Papa John's International, Inc. (NASDAQ: PZZA) has appointed Todd Penegor as its new President and Chief Executive Officer. Penegor brings with him a wealth of experience, having served as the President and CEO of The Wendy's Company and in key leadership roles at Kellogg Company and Ford Motor Company.
During his tenure at Wendy's, the company experienced substantial growth in sales, earnings, and new restaurant counts, expanding its footprint to over 7,000 restaurants worldwide. Penegor is credited with the 12th consecutive year of same-restaurant sales growth, highlighting his ability to drive positive performance in the industry.
Papa John's Board of Directors expressed confidence in Penegor's ability to lead the company, citing his proven track record in growing premium quick-service restaurant (QSR) brands, building successful teams, and forging strong franchisee partnerships.
Ravi Thanawala, who has been serving as the interim CEO since March 2024, will continue in the role of Chief Financial Officer.
Penegor's appointment marks the conclusion of an extensive search to identify a leader with the experience, skills, and vision necessary to achieve the full potential of the Papa John's brand and drive growth. The company's Board of Directors expressed excitement about welcoming Penegor and looks forward to his contributions in creating significant, sustainable value for shareholders and franchisees.
Papa John's highlighted Penegor's ability to effectively allocate capital, drive value, and enhance profitability, indicating a focus on financial performance and shareholder returns under his leadership.
The company's Board of Directors thanked Thanawala for his leadership during the transition period and expressed gratitude for his continued service as Chief Financial Officer.
With the appointment of Todd Penegor, Papa John's aims to leverage its exceptional foundation and differentiated market position to excel in the QSR space, delivering exceptional customer experiences across all offerings and touchpoints.
Papa John's International, Inc. was founded in 1984 with a commitment to using high-quality ingredients, and it operates over 5,900 restaurants in approximately 50 countries and territories. As a result of these announcements, the company's shares have moved -1.6% on the market, and are now trading at a price of $41.81. For more information, read the company's full 8-K submission here.
