Published on December 4, 2008
Exhibit
99.1
For
more information, contact:
Christopher
J. Sternberg
Sr.
Vice
President, Corporate Communications
502-261-4934
BOARD
OF DIRECTORS OF PAPA JOHN’S NAMES
FOUNDER
AND CHAIRMAN JOHN H. SCHNATTER AS INTERIM CEO
Board
Initiates Search for Permanent CEO
LOUISVILLE,
KY - December 4, 2008 - Papa John's International, Inc. (NASDAQ: PZZA) today
announced that its Board of Directors has named John H. Schnatter, the Company’s
Founder and Chairman, as Interim Chief Executive Officer, effective immediately.
Mr. Schnatter succeeds Nigel Travis, who has served as Papa John’s President and
Chief Executive Officer and a member of the Board of Directors since
2005.
Mr.
Travis is leaving the company to pursue another opportunity. Mr. Travis and
the
Board have agreed that his employment with Papa John’s will continue through
Dec. 30, 2008.
The
Company's Board of Directors has formed a committee comprised of William M.
Street, who will serve as chair, Alexander W. Smith, Olivia F. Kirtley, Norborne
P. Cole, Jr. and Mr. Schnatter, to undertake a search for a permanent Chief
Executive Officer.
Norborne
P. Cole, Jr., Papa John’s Lead Director, said, “We appreciate all that Nigel has
done for the Company over the last four years. Papa John’s has made progress in
several key areas during Nigel’s tenure, including international expansion and
growing our online leadership position in the pizza category. We thank Nigel
for
his contributions and extend our best wishes to him in his future
endeavors.
“We
are
pleased that John has once again agreed to lead the Company, albeit on an
interim basis, until we can identify a permanent replacement. John is a proven
business leader with broad management experience, an unparalleled understanding
of this business and valuable relationships with franchisees throughout the
Papa
John’s system,” concluded Mr. Cole.
Mr.
Schnatter said, “I look forward to working closely with our talented team and
strong franchise family to build on our strengths and continue moving the Papa
John’s brand forward throughout the world. We are fortunate to be
well-capitalized with a conservative balance sheet. The key to Papa John’s
success has always been the quality of our pizzas and our high service levels
-
and we remain committed to providing our customers with a superior-quality
customer experience.”
Exhibit
99.1
As
previously announced on November 19, 2008, the Company is implementing a
comprehensive package of domestic franchise system support initiatives in
response to the current economic and consumer climate. The Company believes
the
support program will produce long-term shareholder benefits by mitigating
potential unit closures and strengthening its brand. Other important objectives
of the support program include growing market share in a consolidating category,
stabilizing transaction levels and targeting a substantial multi-year increase
in online ordering percentage.
John
Schnatter created the Papa John's concept and founded the Company in 1985.
He
currently serves as the Company’s Chairman of the Board. He served as Executive
Chairman of the Company from 2005 until May 2007, as Chairman of the Board
and
Chief Executive Officer from 1990 until 2005 and as President from 1985 to
1990
and from 2001 until 2005.
Headquartered
in Louisville, Kentucky, Papa John's International, Inc. (NASDAQ: PZZA) is
the
world's third largest pizza company. For nine years running, consumers have
rated Papa John's No. 1 in customer satisfaction among all national pizza chains
in the highly regarded American Customer Satisfaction Index (ACSI). Papa John's
also ranks first among pizza companies in the 2008 Brand Keys Customer Loyalty
Engagement Index, was honored by Restaurants & Institutions Magazine
(R&I) with the 2008 Silver Award for Consumers’ Choice in Chains in the
pizza segment, and was named 2007 Pizza Today Chain of the Year. For more
information about the company or to order pizza online, visit Papa John's at
www.papajohns.com.
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