(Bloomberg) -- Papa John’s International Inc. named Wendy’s Co.’s former Chief Executive Officer Todd Penegor as its CEO.
Penegor joins Papa John’s as the company seeks to reignite growth through new products and stepped-up advertising. He takes over for Ravi Thanawala, who had been interim CEO since March and will continue as chief financial officer, according to a statement Thursday.
Papa John’s new CEO was chosen for his ability to grow franchised companies, effectively allocate capital and enhance profitability, Christopher Coleman, the chain’s board chair, said in the statement.
Penegor’s appointment is the latest CEO swap in the restaurant industry after the pizza company’s prior top boss, Rob Lynch, was appointed to the same role at Shake Shack Inc.
Lynch’s departure risked a pullback on new restaurant openings by franchisees rattled by the lack of permanent leadership, Stifel Financial Corp. analyst Chris O’Cull wrote at the time of his exit. It also called into question Papa John’s ability to continue revamping its marketing approach given Lynch’s expertise in that area.
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