Dive Brief:

• Papa Johns appointed its CFO and Executive Vice President, International Ravi Thanawala to the dual role of finance chief and president, North America, the pizza chain announced Tuesday in a press release and securities filing.
• Effective Tuesday, Thanawala will lead the Louisville, Kentucky-based company’s North American business as part of the president role, including restaurant operations and development strategies, alongside his CFO responsibilities, according to the press release. Papa Johns promoted Chris Lyn-Sue, its SVP, head of international markets to take over Thanawala’s international responsibilities also effective Nov. 18, with Lyn-Sue serving as SVP, general manager of international, according to the press release.
• In association with the dual appointment, Papa Johns raised Thanawala’s base salary to $700,000 from $675,000, as well as increased his annual target bonus opportunity to 100% of his base salary from 75%, according to the filing with the Securities and Exchange Commission.

Dive Insight:

The appointment is part of a growing trend of companies tapping their finance leaders for additional responsibilities outside of traditional finance or accounting.

Businesses with leaders serving in combined roles, such as the dual role of CFO and chief operating officer or CFO and president, have become more commonplace over the past few years. In 2024, UnitedHealth and Hilton Grand Vacations were two companies which appointed their CFOs to the added role of president, CFO Dive reported at the time.

However, “for better or worse, moving a CFO into an operations role usually signals belt-tightening and a push for financial discipline,” Shawn Cole, president of boutique executive search firm Cowen Partners told CFO Dive in an email. “You can see it in the headlines: Papa John’s, plans to close up to 70 North American locations in 2025 as part of a broader effort to improve profitability after declining same-store sales.”

The pizza chain has quietly shuttered dozens of locations as it seeks to move forward with a plan to cut costs amid dropping sales. For the full-year, Papa Johns expects North American closures to be “the higher end of our historical average of approximately 1.5% to 2%,” Thanawala said during its third quarter earnings call, in keeping with its prior estimates. The business currently operates 3,516 locations in North America, bringing its potential closures this year to between 53 and 70 locations, the Street reported in August.

Thanawala, who joined the pizza chain in 2023 as its finance chief, has “made a name for himself in short order,” Cole said. Shortly after moving to Papa Johns, he served as the chain’s interim CEO for a six-month period before the business tapped Wendy’s alum Todd Penegor for its top executive chair in August 2024, according to a press release at the time. He was appointed to his role as CFO and EVP, international, in August 2024.

Thanawala moved to the pizza chain after a six-year span at shoe retailer Nike, where he served in several roles including finance chief for its North American business, according to his LinkedIn profile. His past experiences also include serving in CFO and finance roles for Ann Inc. — the parent company of Loft and Ann Taylor.

Papa Johns is tapping Thanawala to head its North American operations after comparable sales for the market dropped by 3% year-over-year for the quarter ended Sept. 28, according to its earnings release on Nov. 6.

International comparable sales grew by 7.1% YoY for the quarter, representing its fourth consecutive quarter of positive growth in the segment, which the business credited to the “improvement initiatives that have been implemented in the Company’s International business under Thanawala’s stewardship,” according to the press release.

While the company is leaning on Thanawala’s expertise to help it turn around its North American businesses, the “real test” for the CFO will be “proving he can do more than cut costs — he must show he can grow the business, too,” Cole said.  

Papa Johns did not immediately respond to requests for comment.