LOUISVILLE, KY, AUGUST 27, 2019 – Papa John’s Founder and largest shareholder John Schnatter today issued the following statement in response to media and other inquiries regarding the appointment of Rob Lynch as President and Chief Executive Officer:
“As I have told the Papa John’s board on many occasions for the past 15 months, a new CEO was needed to get the Company moving in the right direction. I advised Chairman Jeff Smith directly as soon as Starboard invested in Papa John’s that he needed to replace Steve Ritchie. I am pleased that Jeff Smith and the board have finally come to that realization and made a change in leadership.
Rob Lynch has proven to be an effective marketing leader in previous roles. As the Company’s largest shareholder, I’m hopeful that he can be successful at Papa John’s. Under Steve Ritchie’s leadership these past two years, the Company was run very poorly. While I still have many reservations about the actions of the board of directors and their ability to fix this business, the decision to terminate Steve Ritchie is a step in the right direction.”