Recently, Steve Ritchie admitted that the firm has a lot of work to do before it finally wins back its clients and fully recovers. After a reviewing the firm’s third-quarter earnings statement, the CEO stated the company’s executives have seen that the measures set by the firm are working and are optimistic about more opportunities. Ritchie commented that the company is making progress and that it had taken critical strides in the quarter. When Ritchie took over the company in January, the company’s executives decided to rebrand it and have their focus on employees. This move impacted the clients’ sentiments that as he hoped.
Still, the firm reported a tough third quarter on November 6th. The company did not meet its expectations is it witnessed a 10% drop in its earnings per share and revenue. Papa John’s reported earnings of $364 million, $30 million less as compared to that of Yahoo. The company was down by approximately 16%, for the previous year’s revenue. Reports indicate that the firm issued each share’s earnings of 20 cents (down from the previous year’s 60 cents per share), as opposed to analysts’ expectations of 22 cents.
Steve Ritchie said that the company’s restructuring of the executive suite would ensure the company focuses on its clients again. Mike Nettles is the individual who is leading the restructuring as the firm’s new vice president. As per people.equilar.com, apart from clients’ touchpoints, the firm created three other major roles of an executive vice president. These roles include technology and analytics, client experience, and branding and innovation.
During summer, the share prices of the firm had dropped. However, they had risen over the last six weeks when talks of a possible purchase surrounded the company. According to Reuters, the firm was looking for purchase offers. Last week, four investors had shown interest in Papa John’s.
Despite these issues surrounding the firm, Steve Ritchie Papa John’s stated that he is confident as the firm heads into the last quarter. He stated that the actions the company’s management put in place are slowly working and the company is heading in the right direction. He reported that the leadership’s focus is on moving the firm ahead to achieve greater success.
Article reference: https://www.nrn.com/people/papa-johns-promotes-steve-ritchie-coo