Papa John’s, the third largest pizza company in the U.S., is enjoying a bevy of good news at present. Acting CEO Steve Richie shared some of this good news on CNBC. The fledgling company that has been fighting to redefine itself just got a huge investment from Starboard Value. Richie and CEO of Starboard Jeff Smith talked about the $200 million dollars Starboard has placed into Papa John’s. According to Richie, this $200 million will breathe new life into Papa John’s and allow it to focus on its future goals.
Steve Richie has been the new face of Papa John’s for while now. Starting at the very bottom rung of the ladder, Richie served as a pizza delivery man when he first walked through Papa John’s door. Now he has climbed all the way up to the top and is in charge of not only rebranding Papa John’s but building it back up to where it once was. So far Steve Ritchie has focused on expanding Papa John’s culture and enhancing their already great product. A firm believer in Papa John’s, Ritchie has turned out to be the right choice.
Earlier this year it was announced that NBA superstar Shaquille O’Neal would join the Papa John’s board. Shaq initially signed on to be a brand ambassador but got board access a part of the arrangement. He is the first African American board member. His presence not only holds to Papa John’s new take on diversity but grants it a recognizable name as well.
Now, a few short months later, Papa John’s is getting $200 million dollars invested in it. So far Starboard and Papa John’s have worked closely together and are planning on introducing six new specialty pizzas to Papa John’s lineup. Listening to Richie on CNBC it is clear that things are looking up for Papa John’s pizza.