The new CEO of Papa John’s, Steve Ritchie, knows that there is work ahead to make Papa John’s a market leader again. The sales numbers have been dropping for 4 quarters with the latest quarter loss of 6.1%. Steve Ritchie knows it will take a two part plan to start to turn things around.
The first thing Steve Ritchie wants to address is the question of diversity in the company. He has partnered with some leaders in equality and inclusion to better help the company. Steve Ritchie is willing to follow any suggestions that they may have. He has come up with ‘unconscious bias training’. It is a program that has been done by leadership at Papa John’s, but he intends to have it done by management throughout the country. One area that he sees that can be improved upon is the question of minority ownership of franchises. He will be making a concerted effort to expand minority run franchises. Steve Ritchie is also looking to increase the amount of women led franchises. He knows that inclusivity is a big part of Papa John’s as the company moves forward.
Steve Ritchie also has to deal with the flagging sales numbers. The recent news that Papa John’s will retain the services of Bank of America Corp. and Lazard Ltd to run the business side was welcomed, and the stock price made a slight improvement. There is still more that needs to be done to reverse some double digit losses on Wall Street. Steve Ritchie hopes that there will be very few stores closing, but he also knows that certain painful decisions will have to be made. While Papa John’s has lost customers this year, Ritchie hopes that the majority will come back once they see the changes he is implementing. A new advertising campaign will put Papa John’s back in the minds of customers. It will be aimed at people in their 20s and 30s. Steve Ritchie hopes that these two sectors of improvement will turn things around for the company.