Papa John’s International Inc. (NASDAQ: PZZA) currently is embattled with its founder and former CEO, John Schnatter. Previously Schnatter had penned a letter addressing how there was “rot at the top” of this company and that senior management was driving it into the ground. As for the most recent update, one of its senior management is taking action by stepping down.
Timothy O’Hern announced that he would be retiring from the pizza chain in a filing to the U.S. Securities and Exchange Commission late on Wednesday. He had previously taken over as president of the international division back in May and had served before as Papa John’s chief development officer.
O’Hern became a franchisee in 1993 and has worked for Papa John’s for over 20 years. While he is stepping down, he will continue to operate his nine franchises within the United States.
According to a company spokesperson, O’Hern is leaving for personal reasons. It might not seem farfetched that Schnatter has some tie to this.
Shares of Papa Johns were last seen trading at $46.18, with a consensus analyst price target of $51.08 and a 52-week range of $38.05 to $75.82.
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