CFO Leadership Change
Papa John's Names Chris Collins Interim CFO as Ravi Thanawala Departs for New Role
Papa John's has named Chris Collins as interim Chief Financial Officer, effective immediately, after CFO Ravi Thanawala announced his resignation to join another public company Business Wire. Collins, who has led the company's corporate finance team since 2021, has stepped into the interim CFO role before — he held the position from March to July 2023 AP News.
The transition comes at a difficult moment for the pizza chain. Papa John's stock has fallen roughly 9.5% year-to-date, the company is closing 300 North American restaurants by 2027, and Q1 2026 earnings missed forecasts AP News. CEO Todd Penegor called Collins a "proven finance leader with deep knowledge of the Company" Business Wire.
Chris Collins Steps In With Familiar Footing
Collins is not a stranger to this chair. He first served as interim CFO in early 2023 after Ann Gugino departed, holding the role for four months before Thanawala was hired AP News. He brings over 30 years of finance experience at public companies in the US and internationally. His new base salary as interim CFO is $415,000, with a bonus target of 75% Business Wire.
Thanawala formally told the board of his decision on June 26, 2026, according to an SEC Form 8-K filing Market Screener. Papa John's confirmed his exit was not due to any disagreement with company leadership over operations or policies. He will stay on in an advisory role through July 31, 2026 to help with the handoff Business Wire.
North America Operations Split Off Under Marc Richard
Thanawala had held a dual role since November 2025, serving as both CFO and President of North America Business Wire. That combined role is now being separated. Marc Richard, Senior VP of North America Operations, has taken over full responsibility for all North American operations AP News.
The split signals a shift in how Papa John's is organizing its leadership. Analysts note that merging CFO and North America President roles was likely a cost-cutting move during a tough period Financial Content. Separating them again suggests the company may be stabilizing enough to justify distinct leadership lanes — or simply needs focused attention on finances during a crucial turnaround phase.
A Chain Under Pressure Heading Into Q2 Earnings
Papa John's is navigating serious headwinds. The company announced in February 2026 that it would close 300 underperforming restaurants by the end of 2027 Market Screener. In Q1 2026, earnings per share came in at $0.32, missing the $0.37 forecast. Revenue hit $479 million, falling 1.33% short of estimates Business Wire.
All eyes now turn to August 6, 2026, when Papa John's will report Q2 results before the market opens Market Screener. Collins, along with CEO Todd Penegor and SVP Heather Hollander, will lead the earnings call. It will be Collins' first major public test in the interim CFO seat, and investors will be watching closely for signs the "Back to Basics" strategy is gaining traction.
Three CFO Transitions in Three Years Raise Stability Questions
This is the third CFO transition at Papa John's since 2023. Gugino left, Collins stepped in briefly, Thanawala took over, and now Collins is back in the interim seat AP News. Corporate governance watchers have flagged this revolving door. Some analysts call Collins' return "neutral" because he is a known insider. Others see the repeated turnover as a sign of deeper instability at the finance leadership level Financial Content.
Meanwhile, some investors see opportunity rather than chaos. Reports from analysts suggest takeover interest in Papa John's has grown in 2026, with PZZA cited as a potential acquisition target given its depressed stock price Business Wire. Shares briefly rose 3.1% in early trading after the June 30 transition announcement, a small sign that markets viewed Collins' return as a stable, low-disruption move.
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