Chris Collins
Senior Vice President, Corporate Finance and Principal Accounting Officer at 
PAPA JOHNS INTERNATIONAL
PAPA JOHNS INTERNATIONALExecutive
About Chris Collins
Chris Collins (55) is Senior Vice President of Corporate Finance and Principal Accounting Officer at Papa John’s, appointed July 2, 2025; he has been with the company since April 2021, previously serving as Vice President, Tax & Treasury and interim principal financial and accounting officer from March 22, 2023 to July 24, 2023 . Company performance across his tenure included adjusted operating income of $157.0M in 2023 and $148.2M in 2024, with 2024 revenue of $2.06B amid challenging QSR demand; TSR eased from 125.66 in 2023 to 67.42 in 2024, reflecting the sector environment . He has 30+ years of finance leadership experience across public companies in the US and Europe and has executed core treasury and financing responsibilities for Papa John’s, including serving as Treasurer on lending agreements in 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Papa John’s (PZZA) | SVP Corporate Finance & Principal Accounting Officer | 2025–present | Promoted to lead corporate finance and assume PAO responsibilities; strengthens finance leadership depth . |
| Papa John’s (PZZA) | VP, Tax & Treasury; interim PFO/PAO | 2021–2025 (interim PFO/PAO: Mar 22–Jul 24, 2023) | Led treasury and principal officer functions during CFO transition; executed lending and treasury documents as Treasurer . |
| Signet Jewelers | VP, Treasury | 2019–2020 | Treasury leadership for public retailer; prepared him for corporate finance roles at PZZA . |
| Goodyear Tire & Rubber | Multiple finance leadership roles (US/Europe) | Pre-2019 | Cross-border finance leadership and operational execution in a global manufacturer . |
| American Axle & Manufacturing | Finance leadership roles | Pre-Goodyear | Automotive finance experience supporting operational rigor . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Public company boards | — | — | No public company directorships disclosed . |
| Non-profit/academic boards | — | — | No external board roles disclosed . |
Fixed Compensation
| Component | FY 2023 Amount | Notes |
|---|---|---|
| Base Salary | $300,932 | As disclosed in 2024 proxy . |
| Retention/Sign-on Bonus | $50,000 | Paid July 23, 2023 in connection with interim PFO/PAO appointment . |
| Target Short-Term Incentive (MIP) | $127,099 (Target); $254,198 (Max) | Committee-approved 2023 plan-based award levels . |
| Actual Short-Term Incentive Paid | $63,041 | Paid for 2023 performance; company-wide MIP payout was 49.6% of target . |
| Stock Awards (Grant-Date Fair Value) | $199,975 | 2023 grants including one-time RSU tied to interim role . |
| All Other Compensation | $13,200 | Perquisites and other items (not itemized) . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Design/Vesting |
|---|---|---|---|---|---|
| Post-MIP Operating Income | 50% | Committee-set (budget-based) | Company delivered $157.0M (2023), $148.2M (2024) | 49.6% of target for 2023; 67.1% for 2024 (company-wide) | Annual MIP based on budget/operating plan; payout formulaic . |
| Comparative Same-Store Sales | n/a | Committee-set | Disclosed qualitatively | Included in MIP metrics | Included as “most important measures” (2024) . |
| Net Development | n/a | Committee-set | 81 net new NA units (2024) | Included in MIP metrics | Included as “most important measures” (2024) . |
| Relative TSR | n/a | TSR peer group percentile | 2021 LTIP paid at 92% of target | Impacts PSU payout | Long-term PSU based on 3-year TSR; 2021-2023 period paid 92% . |
| Corporate Responsibility | 5% (2024) | Target | Target achieved (2024) | Included in MIP payout | Qualitative governance/community/human capital metric since 2022 . |
2023 Equity Awards (Collins)
| Award Type | Grant Date | Shares/Units | Grant-Date Fair Value | Key Terms | Vesting Schedule |
|---|---|---|---|---|---|
| PSU (2023 LTIP) | Feb 27, 2023 | 393 target (131 thr / 590 max) | — | Relative TSR vs peer group; 3-year performance; max 150% | Cliff vest Feb 27, 2026 (performance-based) . |
| RSU (Annual) | Feb 27, 2023 | 777 | $65,027 | Time-based | 1/3 each on Feb 27, 2024/2025/2026 . |
| RSU (Interim role) | May 8, 2023 | 1,283 | $100,010 | One-time tied to interim PFO/PAO appointment | 1/3 each on May 8, 2024/2025/2026 . |
| RSU (Other cycles) | Various | 877; 406; 398 | — | Legacy/time-based cycles | 1/2 on Nov 7, 2024/2025; 1/2 on Feb 28, 2024/2025; all on Aug 9, 2024 . |
| PSU (Prior cycles) | Feb 28, 2025; Mar 1, 2024 | 301; 169 | — | Performance-based | Cliff vest all shares on date if performance achieved . |
Option awards: Company has not issued stock options since 2019; none disclosed for Collins .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 6,399 shares as of March 11, 2024 . |
| Ownership % of Outstanding | ~0.02% (6,399 / 32,944,215) . |
| Vested vs Unvested | Unvested RSUs: 3,741 (1,283; 777; 877; 406; 398) as of 12/31/2023; unearned PSUs: 863 (393; 301; 169) . |
| Pledging/Hedging | Prohibited for employees, officers, directors under Insider Trading Policy . |
| Ownership Guidelines | CEO: 5x salary; other executives: 3x salary; 5-year compliance window; hold-until-met requirement applies . |
| Compliance Status | As of 12/31/2023, current NEOs were in compliance with equity holding requirement and on track to meet ownership requirements; Collins was a 2023 NEO . |
Employment Terms
- Severance Pay Plan: Executive Leadership Team members receive 12 months base salary, pro-rata MIP, 12 months COBRA, 6 months outplacement upon termination without cause; Collins was not ELT as of Dec 31, 2023, so entitled to up to six months of base salary under the Severance Plan .
- Change-of-Control Severance Plan: Tier 2 participants receive 18 months salary, 1.5x target bonus, pro rata bonus, 18 months COBRA, 6 months outplacement (double-trigger only). In Aug 2024, time-based awards under the Plan were amended to fully vest upon a qualifying CoC termination, aligning with market practice .
- Clawback: Omnibus Plan and MIP subject to clawback for accounting restatements; company adopted SEC/Nasdaq-compliant executive clawback policy on Dec 1, 2023 .
- Insider Trading/Hedging/Pledging: Hedging and pledging of company stock are prohibited for executives and directors .
- Say-on-Pay: 99.5% approval at 2024 Annual Meeting, indicating strong shareholder support for compensation design .
Company Performance (context for compensation alignment)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $2,000,457,000* | $2,037,676,000* | $1,975,705,000* |
| EBITDA ($USD) | $193,350,000* | $221,130,000* | $264,379,000* |
Values retrieved from S&P Global.*
Investment Implications
- Alignment: Collins’ pay mix leans toward equity and performance units (PSUs tied to 3-year TSR), with robust anti-hedging/pledging and stock ownership rules—positive for long-term alignment .
- Near-term selling pressure: Multiple time-based RSU tranches vest in 2025 subject to continued service—approximate scheduled vests include ~259 shares (1/3 of 777) on Feb 27, ~203 (1/2 of 406) on Feb 28, ~428 (1/3 of 1,283) on May 8, and ~439 (1/2 of 877) on Nov 7; PSUs of 301 could vest Feb 28, 2025 if performance is achieved and 393 on Feb 27, 2026, creating potential periodic Form 4 activity and incremental float .
- Retention risk: 2024 amendment to CoC plan accelerates time-based equity upon qualifying termination, reducing retention risk in change-of-control scenarios; standard severance provides baseline coverage, though Collins’ ELT status evolved after 2023, and current tiering is not explicitly disclosed—monitor role classification post-2025 promotion .
- Performance backdrop: 2024 macro headwinds pressured revenue and TSR; rising EBITDA suggests operational resilience—supports performance pay structure’s linkage to operating income and TSR over multi-year windows . High say-on-pay support reduces governance overhang .
- Trading signals: As Treasurer/PAO, Collins is central to capital structure and liquidity decisions (e.g., credit facility documentation), offering insight into financing strategy but limiting opportunistic trading due to blackout policies and role sensitivity .
Notes and Sources
- Roles, age, tenure: .
- Company performance and MIP: .
- Equity awards/vesting: .
- Ownership and shares outstanding: .
- Policies (hedging/pledging, ownership): .
- Severance/CoC: .
- Say-on-pay: .