Steve Richie was earlier this year talking to Yahoo Finance in an exclusive interview. He did not hesitate to stress on Papa John’s ingredient story and why the company is so different. He pointed out that they use fresh dough that has never been frozen and consists of six simple ingredients. Richie went ahead to say that the other competitors don’t do that. He also added that Papa John’s uses freshly packed sauce that’s extracted from the vine to the can on the same day. According to Steve Richie, other companies use paste and sauce from concentrate.
After Richie’s comments leading competitors like Domino failed to say anything about the subject while Pizza Hut declined a request for an explanation. Steve Richie, along with Papa John’s board members is banking on consumers. The company emphasizes on $12 specialty pizza as it tries to stage a turnaround after the aftermath of 2018.
Amidst all this, Jeff Smith, who is an activist investor, disclosed that Starboard invested $200 million recently to Papa John’s as the company continues to struggle. Starboard also has an option to purchase $50 million more in the stock of Papa John’s. The arrangement will see Smith become the company’s chairman while Anthony M. Sanfilippo, who is the CEO Pinnacle Entertainment, will join the board while trying to offer Ritchie all the support he needs in propelling Papa John’s to greater success.
Papa John’s is well known for its strong foundation and provides high-quality pizza to its massive customer base. With Steve Richie, now the CEO the company is doing all it can to move the company forward through what many say it’s a difficult transition. The company has tremendous potential for growth, and it only needs the right system and management to achieve its objectives both in the US and internationally.