Papa Johns CFO departs as same-store sales slide

Key Facts

1Papa Johns announced that CFO Ravi Thanawala is leaving the company to take a CFO position at another public company.

2Chris Collins, senior vice president of corporate finance and principal accounting officer, has been named interim CFO.

3Papa Johns faces negative sales trends, with a 6.4% decline in North American same-store sales in Q1.

In a move highlighting challenges facing the U.S. pizza chain, Papa Johns announced that CFO Ravi Thanawala is leaving to become CFO at another public company, according to reports. Chris Collins, senior vice president of corporate finance and principal accounting officer, has been named interim CFO.

The leadership change comes as Papa Johns faces negative sales trends, with a 6.4% decline in North American same-store sales in Q1. The chain is under pressure from rising ingredient costs and intense competition in the quick-service restaurant sector.

Investors will focus on Q2 results to gauge the impact of weak sales on profitability, as well as any new guidance from management on a recovery strategy. The board is expected to name a permanent CFO in the coming weeks.