Papa John’s International Inc. (NASDAQ:PZZA) experienced a 2.1% decline in after-hours trading on Tuesday after announcing the departure of Chief Financial Officer Ravi Thanawala.
Thanawala is leaving to assume a chief financial officer role at another public company. Effective immediately, Chris Collins, Senior Vice President of Corporate Finance and Principal Accounting Officer, has been appointed interim CFO.
Collins brings more than three decades of finance experience at public companies in the United States and internationally. He joined Papa John’s in April 2021 as Vice President, Treasury and Tax. Collins previously held the interim positions of Chief Financial Officer and Principal Accounting Officer at Papa John’s from March 2023 until July 2023. Prior to joining the pizza chain, he served as Vice President, Treasury at Signet Jewelers from 2019 until 2020.
The company said Thanawala will remain available to Papa John’s in an advisory capacity through July 31, 2026 to support the transition. Papa John’s has initiated a search for a permanent chief financial officer.
In connection with Thanawala’s departure, Marc Richard, Senior Vice President of North America Operations, has assumed responsibility for all North America operations, including the areas previously overseen by Thanawala in his role as President.
“Collins is a proven finance leader with deep knowledge of the company and the opportunities being pursued to maximize shareholder value,” said Todd Penegor, President and CEO of Papa John’s.
The move represents an immediate leadership change in the company’s finance organization and a reassignment of operational duties for North America. Management has committed to an orderly handover with Thanawala remaining available in an advisory role while the company evaluates candidates for a permanent CFO.
Market reaction: The initial market response was a modest after-hours share decline of 2.1% following the announcement. The company has signaled continuity through the interim appointment and internal reassignment of North America operational responsibilities.
Next steps: Papa John’s will continue with a formal search for a permanent chief financial officer while relying on Collins’ experience and Thanawala’s advisory support during the transition.