Dive Brief:
- Papa Johns Chief Financial Officer Ravi Thanawala will leave the pizza brand to take a CFO post at another company. Chris Collins, senior vice president of corporate finance and principal accounting officer, has been named interim CFO as of Tuesday.
- Thanawala will continue to advise the company through the end July, and the brand is undertaking a search for a permanent CFO, according to a press release.
- Thanawala’s successor will take over the pizza chain’s financial direction at a tenuous moment. Papa Johns has seen same-store sales declines in seven of the last eight quarters, and announced in February that it expected to close about 300 stores this year.
Dive Insight:
Since joining the brand in 2023, Thanawala has played a major role at Papa Johns as it looked to reposition itself and resume sales growth through operational improvements and menu innovation.
Thanawala served as interim-CEO for several months in 2024 before Todd Penegor came to the chain from Wendy’s. Since November 2025, Thanawala has served as Papa Johns' president of North America, in addition to his finance duties.
Collins, who is taking on Thanawala’s fiscal responsibilities, has been with the brand since 2021 and previously held interim CFO duties from March 2023 until July 2023, according to the press release. Collins possesses significant financial experience from his time at Signet Jewelers, The Goodyear Tire & Rubber Company and American Axle & Manufacturing.
Collins said he would work to “drive operating efficiencies, optimize the Company’s fleet and strengthen the Papa Johns brand,” as interim CFO.
On the operations side, Marc Richard, current SVP of North American Operations, will take over Thanawala’s previous operational responsibilities.
Papa Johns has, for years, faced rumors that it might go private, a decision that would insulate the chain from public market pressure during an extended turnaround. Pizza Hut, likewise in difficult competitive straits, is taking that route after being sold by Yum Brands to LongRange Capital. Meanwhile, competitor Domino’s is looking to convert its leading position in the QSR pizza market into an unassailable dominance.
In recent months, Papa Johns has tried to overcome its sales difficulties by adding a new premium pan pizza option and new oven toasted sandwiches to replace previous handheld options. The brand is also selling its garlic flavored sauce through retail outlets, which could help keep the chain top of mind for some consumers. On the marketing side, Papa Johns is trying to leverage cultural moments to drive sales, such as a brand collaboration with Disney tied to the release of Toy Story 5.
