PZZA The Papa John’s Ship Steers Hard to Starboard
By Mark Kalinowski
Published on February 4, 2019 at 12:00 AM
Earlier today, Papa John’s (PZZA; Buy) announced that it has received a $200 million strategic investment from Starboard Value LP. In addition, Starboard CEO Jeffery Smith has been added to Papa John’s board and now becomes Papa John’s Chairman. Also, the board adds Anthony Sanfilippo (former Chairman and CEO of Pinnacle Entertainment) and Steve Ritchie (current President and CEO of Papa John’s). On this latter front, and particularly with Mr. Ritchie’s appointment being announced in the same press release as Starboard’s investment being announced, this seems to signal Starboard’s approach (at least initially) is generally “on the side” of Mr. Ritchie’s strategic plans for Papa John’s.