Papa John's Shares Drop Following Co-CEO Departure

According to Forbes.com, “Shares of Papa John’s International Inc. fell Monday after the pizza chain said late Friday its co-CEO had resigned and an analyst downgraded the stock.”

“THE SPARK: The company said President and co-CEO Jude Thompson is leaving the company after being in the position for about a year. Papa John’s founder John Schnatter will assume sole responsibility for the CEO job.This is the second CEO to depart the company in about three years, which West said could make it difficult to find a replacement. And the management challenges are compounded by the recent announcement that Chief Financial Officer David Flanery would retire in May. Stifel Nicolaus analyst Steve West downgraded his rating to “Hold” from “Buy” Monday because the company’s shares had reached his price target of $12 and because management is in flux at a tough time for the restaurant industry.”