Papa John’s International Inc which is headed by Steve Ritchie is getting an investment worth $200 million. This investment is said to be from an investment advisor residing in New York. This advisor invests in undervalued companies and actively participates in management. As a result of this investment, Papa John’s will be able to expand its board with other two independent directors namely Jeffrey Smith as the chairman and Anthony Sanfilippo. Smith says that they congratulate the board for accepting to carry the company through a difficult transition. They are also committed to instill best leadership, financial and operational practices for the benefit of their customers.
The company’s idea is using a half of the investment to repay debt. The remaining will be deployed in chasing its strategic priorities namely; technology, brand, unit economics, value and people. The firm will take the necessary precautions to make sure that the investments to the five strategies are geared towards its greatest return initiatives. Steve Ritchie says that their agreement brings along improved expertise and financial resources to put investments in regions of great significance to their clients. Steve further adds that how their product bring unity among people and also quality will be their main area of concern.
Papa John’s international is known to be one of the largest pizza companies in the world. Its current CEO, Mr. Steve Ritchie is said to be an employee in the company since the year 1996 and finally got his promotion to a CEO in the year 2018. He started by working as a customer service representative then a franchise owner and also a chief operating officer. Steve Ritchie also worked in various other positions such as vice president, general manager and director of operations While still an employee at Papa John’s, Steve is said to have worked in Calistoga Bakery Café as an operations consultant.
The company has declared that it will implement new strategies such as developing key technological advances. Papa John’s has been ranked as the leading pizza company in America by the Customer Satisfaction Index.