What’s in a name? For Papa John’s Wednesday – a cool $100 million in value.
The purveyor of pizza’s stock was up more than 6% in afternoon trading, and as much as 8%, after the company announced that it had tabbed Arby’s president Rob Lynch as CEO, Markets Insider reports.
The leadership change comes amid turmoil that saw founder John Schnatter out after he used a racial slur on a conference call. Lynch replaces Steve Ritchie who had been heading the pizza chain since 2018.
Lynch was able to engineer a remarkable comeback for Arby’s. Papa John’s hopes he can do the same for it. Investors appear to share the optimism.
Do you think Papa John’s is salvageable? Have you stopped buying their pizza since Schnatter’s racial slur?