Papa Johns CFO Ravi Thanawala is leaving the company
Papa Johns experiences leadership change as CFO Ravi Thanawala departs for another role.
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Papa Johns Chief Financial Officer Ravi Thanawala is leaving to take another public company CFO position, with Chris Collins appointed as interim CFO. This transition comes as the chain faces negative sales trends, including a reported decline in systemwide sales for 2025.
Why It Matters
This leadership transition could impact Papa Johns' strategic direction and execution, potentially affecting franchisee sentiment and unit economics as the company navigates ongoing sales challenges.
Ravi Thanawala, the Chief Financial Officer (CFO) of Papa John's, is leaving the fast-food pizza chain to take on a CFO position at another public company. His departure has led to the appointment of Chris Collins, previously the senior vice president of corporate finance and the principal accounting officer, as the interim CFO effective immediately. Collins has been with Papa John's since April 2021 and has over 30 years of finance experience at various public companies. CEO Todd Penegor emphasized Collins' proven finance leadership and familiarity with the company's strategies, stating, “I am confident that Chris’s support in this interim role along with our talented team will enable continued execution on our transformation priorities.”
During his tenure, Collins has held multiple significant roles, including interim CFO earlier this year and VP of finance managing treasury, tax, and international segments. Before joining Papa John's, he was the VP of treasury at Signet Jewelers and previously worked in financial roles at The Goodyear Tire & Rubber Company and American Axle & Manufacturing.
In conjunction with Thanawala's departure, Marc Richard, the senior vice president of North America Operations, will now oversee all operations in the region, taking on responsibilities that Thanawala held in his position as president. Penegor expressed gratitude towards Thanawala for his leadership and contributions to the company, noting he would be available in an advisory capacity until July 31.
This leadership shift occurs amid challenges for Papa John's, highlighted by negative sales trends with a reported -1% systemwide sales decrease in 2025 and a concerning -6.4% drop in same-store sales in North America for Q1. As the pizza category struggles, the appointment of Collins and operational adjustments suggest a potential pivot towards stabilizing the brand and enhancing shareholder value. The search for a permanent CFO is underway, indicating a strategic focus on leadership continuity to navigate these challenges effectively. Whether this transition successfully addresses the ongoing sales performance issues may depend on the execution of the brand's transformation strategy.
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