Although the year of 2018 was not the best for the Papa John’s books, CEO Steve Ritchie is confident in their long-term approach to bring back customers and most importantly to bring back respect for the company as a whole. Earlier this year, Steve Ritchie wrote a handwritten letter to employees, staff, and customers about his plans going forward and the steps the company was going to take. Steve laid out three things that are set to begin the healing process. His first action is to include having a total audit of the companies culture to better understand where Papa Jonh’s is at the moment followed by a country tour of his management team and himself to better connect with their staff and customers.
In addition to these moves, Steve has also recommended long terms plans that would see the rapid expansion of minority-owned franchises through newly set programs. Secondly, Papa John’s will aim to create a separate branch of Papa John’s solely dedicated to community outreach in the form of a foundation. Steve commented that he joined Papa John’s family because pizza always brought everyone together and he stayed due to the strong relationships built within the company with people from all different kinds of backgrounds. He further states that one of his main priorities for the company was the improvement of diversity, equity, and inclusion which according to Steve have grown immensely in the year that he’s been in charge.
Although all the initiatives are great, many investors and franchise owners are asking when the stock of the company is going to improve? Papa John’s addressed this concern by stating that they are currently working in conjunction with Bank of American and Lazard LTD. to receive the best possible financial advice. The company, however, is set to get back to normal in the upcoming year once all the programs have been implemented through the U.S and Canada.