Even though Papa John’s revenue was down 16 percent from last years$431.700,000, the companies focus to rebranding has had a positive effect on consumer sentiment. CEO Steve Ritchie (@stevemritchie) Knows they still have a long road to win back its customers’ trust but the Louisville-based Papa John’s International Inc. is making a huge effort to see it happen.
Steve Ritchie became the new CEO for the pizza giant in January and helped the company to launch a new campaign in September called voices which uses several research firms to get an idea of consumer opinion. He has also restructured the executive positions while creating four new slots for vice presidents. These new positions oversee the focus on analytics and technology, customer experience, menu strategy, and innovation and branding. The new executive vice president and chief operating and growth officer Mike Nettles is leading the restructuring.
Though many challenges have been created for Papa John’s, the company has an early indication that the new strategy is working. While consumer sentiment in North America has gone from negative to neutral and in some cases even positive, the company’s move to rebrand and focus on its employees seems to be the key.
Established North American stores sales had decreased nearly 10 percent, and international established sales decreased by 3.3 percent, the company has opened 300 new stores in the last year causing total international sales to increase 10 percent.
Reuters reported In September that the company was looking for acquisition offers. Recently, two private-equity firms were considering an acquisition along with another two previous activist investors.
Share prices dropped sharply towards the end of the summer but have made several positive rises after the start of possible acquisition talk.
Steve Ritchie Papa Johns and his new team are committed to moving the company forward even further but pleased with the progress that has already happened. The company is optimistic heading into the fourth quarter. Get more information about Ritchie’s salary.