Pizza maker Papa John's (PZZA) reported third-quarter earnings below analysts' expectations and also announced it was making changes to its management team, including the departure of its chief financial officer.
The Louisville, Kentucky-based company reported third-quarter adjusted earnings of 21 cents a share on revenue that rose nearly 5% to $403.7 million. Analysts were expecting the company to report earnings of 22 cents a share on revenue of $386.87 million.
"We are all focused on the right things - reinforcing the quality of our food, improving our unit economics, and promoting a company culture that sets us up to win for years to come," CEO Rob Lynch said.
The company said Chief Financial Officer Joe Smith will leave the company in 2020. The search for his replacement already has begun, Papa John's said in a statement.
Papa John's also announced it appointed Max Wetzel as its new chief commercial and marketing officer.
"As we introduce a more focused plan and strategic priorities for the company, we are realigning Papa John's senior management, promoting leaders within the company and adding proven talent," Lynch said.
Papa John's also said it curbing the number of stores it expects to open globally in the fourth quarter. Papa John's now expects to open between 85 and 115 units globally, down from its previous view of between 100 and 150 units.
"While there is much work to do, we have put in place a clear strategic roadmap to align the interests of our customers, employees, franchisees, and shareholders," Lynch said.
Papa John's was set to open trading at $57.19 Wednesday.