Steve Ritchie is the president and CEO of Papa John’s International Inc. He comes handy as the company gets $200 million for investment. From the hard work, he has proven that the company will scale the heights of success.
Starboard Value LP is based in New York and advises companies and individuals on the best investment plans. This company also supports small companies to see them thrive in their operations. That is why it has funded papa john’s company to run its affairs. According to the management ofsterboard value, it comes to add papa john’s more funds in March.
Papa John has brought Steve Ritchie onboard as their current CEO and president to make the number of director nine. This comes after the company had appointed a special committee to examine the strategic plans for the growth of the company. The committee will work together with BofA Merrill Lynch and Lazard as its financial advisers.
Papa John has agreed with starboard to reviews its operations in the past and come out with strategic plans that will benefit the stakeholders. Papa will use the money under the leadership of Steve Ritchie to focus on its success. It will avail the records to the partners for any advice.
Papa has experienced mismanagement and reduced use of its fund. The current management has been tasked with the responsibility to return the company’s lost glory. They took on Steve Ritchie since he has proven from his previous position that hard work pays. He worked for over 14 hours a day and throughout the week to grow his franchise. Starboard applauded this effort as they do the transactions.
Steve Ritchie projected that the money would be used to pay debts, and the rest will be used to improve the people, technology, values of the products and the company’s brand. It will be very cautious in the distribution of funds to avoid the mistake they made earlier.
Papa John is focused on improving the quality of service delivery to salvage the name of the company. They will grow in every sector as will be highlighted in the individual committee advice and findings.