Home / Business and Economy / Papa Johns CFO Takes On North America President Role
Papa Johns CFO Takes On North America President Role
20 Nov
Summary
- CFO Ravi Thanawala now leads North America operations and finance.
- Salary increased to $700,000, bonus opportunity to 100%.
- The move coincides with planned closures of up to 70 locations.
Papa Johns has named its Chief Financial Officer, Ravi Thanawala, to concurrently serve as President of North America. This appointment places Thanawala in charge of the pizza chain's North American operations, including restaurant strategy and development, in addition to his existing CFO duties. This reflects a growing trend of executives taking on broader responsibilities beyond traditional finance roles.
In conjunction with this expanded role, Thanawala's compensation has been adjusted. His base salary has been increased from $675,000 to $700,000, and his annual target bonus opportunity has been elevated to 100% of his base salary from a previous 75%. This dual appointment occurs as the company implements measures to enhance profitability.
The company is currently focused on improving financial discipline, signaled by plans to close up to 70 North American locations in 2025 due to declining same-store sales. This initiative is part of a broader cost-cutting effort aimed at boosting profitability amid recent sales downturns.
