Papa John's selects Arby's Rob Lynch as new CEO
Papa John's has appointed Arby's boss Rob Lynch as its new chief executive officer as part of its latest attempt to try and turn the chain around, the company revealed on Tuesday morning.
Arby's former president will replace Steve Ritchie as Papa John's CEO.
Ritchie took over after the previous CEO was forced to resign following racist comments.
Sales continued to fall in the US even after Ritchie took over, leading to the latest move by its shareholders.
Activist hedge fund Starboard Value took a $200.0m stake in Papa John's earlier in 2019 with its own CEO, Jeffrey Smith, becoming Papa John's new chairman as part of the deal.
"I am thrilled to welcome Rob to Papa John's at this pivotal moment in the company's history," Smith said in a statement. "His proven record transforming organizations and realizing the growth potential of differentiated brands is ideally suited for Papa John's as the company sets forth on its next chapter."
Lynch had been the president of Arby's since 2017 and said of the news: "I am humbled and excited by the opportunity to work with this outstanding team to help make Papa John's the best pizza company in the world.
"I absolutely believe that Papa John's best days are ahead."