- After about four and a half years in the position
- Praise, thanks and good wishes for Lynch
- Ravi Thanawala taking over temporarily
- Search for a successor
- Lynch said 115 words
(exechange) — Louisville, Kentucky, March 21, 2024 — Rob Lynch, chief executive of Papa John’s, leaves his position. As announced by Papa John’s International Inc. in a news release and in a regulatory filing published on Thursday, March 21, 2024, Robert M. (Rob) Lynch has left his post as chief executive officer at the pizza restaurant chain, after about four and a half years in the role, effective March 20, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Papa John’s will undertake a search for a successor.
Rob Lynch’s duties as CEO will be taken over temporarily by Ravi Thanawala, previously Chief Financial Officer at Papa John’s International Inc., as Interim Chief Executive Officer.
Career change
The management change is explained as follows. Papa John’s stated: “Rob Lynch, President and Chief Executive Officer, will be departing Papa Johns to assume another CEO position.”
Lynch will be CEO at Shake Shack
Shake Shack Inc. stated: “Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) today announced that its Board of Directors has appointed Rob Lynch to the role of Chief Executive Officer and board member, effective May 20, 2024.”
Shake Shack Inc. announced the move on Thursday, March 21, 2024.
Shake Shack is a burger chain.
“Resign”
Papa John’s said: “On March 18, 2024, Robert M. Lynch informed the Board of Directors (the “Board”) of Papa John’s International, Inc. (the “Company”) of his decision to resign from his position as President and Chief Executive Officer of the Company and as a director of the Board, in each case effective March 20, 2024, to assume a chief executive officer role with another company.”
“Not due to any disagreement”
Papa John’s stated, regarding the change: “Mr. Lynch’s resignation is not due to any disagreement with the Company, the Board or management on any matter relating to the Company’s operations, policies, practices or otherwise, and Mr. Lynch is not entitled to any severance benefits as a result of his departure.”
Share price decline since March 2021
The announcement follows a decline in Papa John’s International Inc.’s share price of 23% since March 2021.
In the position of CEO since 2019
Rob Lynch became CEO of the Company in 2019.
To ensure a smooth transition, Lynch will provide continued support in an advisory role until April 30, 2024.
Robert M. Lynch was appointed as President and Chief Executive Officer in August 2019.
Lynch joined Papa John’s after serving as President of Arby’s Restaurant Group since August 2017, and served as Brand President and Chief Marketing Officer from August 2013 to August 2017.
Prior to Arby’s, he served as Vice President of Marketing at Taco Bell.
Lynch has more than 20 years combined experience in the QSR and consumer packaged goods industries, and also held senior roles at HJ Heinz Company and Procter & Gamble.
115 words by Rob Lynch
In the release announcing his departure as CEO of Papa John’s International Inc., Rob Lynch received praise, thanks and good wishes.
In announcing his departure, Rob Lynch said 115 words.
“Incredibly difficult decision”
Rob Lynch stated: “It’s been my honor and privilege to serve as Papa Johns CEO for the past five years. I could not be more proud of the work our Executive Leadership Team, team members and franchisees have done to grow and transform this brand. This was an incredibly difficult decision for me, as I see all of the upside potential that exists for this great company. That being said, I feel good about this decision knowing that Papa Johns is very well positioned for both the short and long term. I am certain that Papa Johns’ incredible leaders, franchisees and team members will continue to do what only Papa Johns can: deliver better pizza to the world.”
The above text is an excerpt from the exechange report 13.2024 ($), publication date March 25, 2024.