Joseph Sieve
PAPA JOHNS INTERNATIONALAbout Joseph Sieve
Joe Sieve is a 20+ year restaurant and pizza industry operator who joined Papa John’s as Chief Restaurant Officer on May 2, 2022, after prior roles at Domino’s (strategic market growth and franchisee of 58 units) and Inspire Brands (VP Franchise Development) . He was promoted to Chief Restaurant and Global Development Officer on Sept. 9, 2024 , and departed the company effective Nov. 17, 2025 . In 2024, Papa John’s MIP paid 67.1% of target on balanced operating/development/CSR goals as adjusted operating income of $148.2mm came in below the $160.7mm target; performance units granted in 2022 paid 0% on bottom-quartile TSR for 2022–2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Papa John’s | Chief Restaurant Officer | 2022–2024 | Led North America ops excellence and franchise operations support |
| Papa John’s | Chief Restaurant & Global Development Officer | Sep 2024–Nov 2025 | Added global development responsibilities; aligned North America and development strategies |
| Domino’s Pizza | Director, Strategic Market Growth | 2010–2014 | Developed/executed “fortressing” market strategy |
| Domino’s Franchisee | Owner/operator (58 units) | Prior to 2014 | Multi-unit operations and development experience |
| Inspire Brands | VP Franchise Development | ~2016–2022 | Built multi-brand franchise development platform; system growth |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inspire Brands | VP Franchise Development | ~2016–2022 | Drove franchising across Arby’s, Dunkin’, Baskin-Robbins, BWW, Sonic, Jimmy John’s, Rusty Taco |
| Domino’s Pizza | Director, Strategic Market Growth | 2010–2014 | Network “fortressing” and expansion strategy |
| Domino’s Franchisee | Owner/operator | Prior to 2014 | Built and ran 58-unit portfolio |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $261,539 | $427,789 | $496,443 |
| Company 401(k) Match ($) | — | $13,200 | $13,800 |
| Other Cash (Bonuses/Relocation/Gross-ups) ($) | — | — | — |
Performance Compensation
| Metric | Weighting | Target | Actual | Calculated Payout | Notes |
|---|---|---|---|---|---|
| Adjusted Operating Income | 50% | $160.7mm | $148.183mm | 40.3% | Threshold $128.6mm required |
| North America Comparable Sales | 25% | +3.1% | -3.8% | 0.0% | — |
| North America Net Development | 15% | 72 units | 81 units | 18.8% | — |
| International Net Development | 5% | 70 units | 43 units | 3.1% | — |
| Corporate Responsibility | 5% | Progress vs goals | Achieved | 5.0% | — |
| Incentive | 2024 Target | 2024 Actual |
|---|---|---|
| MIP (Short-Term Cash) for Sieve | 75% of base ($393,750) | $249,835 |
| Long-Term Incentives (2024 Grants) | Grant Date | Shares/Units | Grant-Date FV ($) | Vesting |
|---|---|---|---|---|
| Performance-Based Units (Annual) | 3/4/2024 | 3,256 target (0–200% max) | $274,969 | Cliff on 3/4/2027; metrics: 50% TSR, 50% 3-yr SWS |
| Performance-Based Units (Retention) | 7/17/2024 | Up to 26,405 (hurdle-based) | $473,970 | Stock price hurdles ($65/$75/$85), earned within 3 years; vests 7/17/2028 if earned |
| Performance-Based Units (Promotion) | 9/9/2024 | 401 target | $22,492 | Cliff on 3/4/2027 |
| Time-Based Restricted Stock (Annual) | 3/4/2024 | 3,855 | $275,054 | 1/3 each on 3/4/2025, 2026, 2027 |
| Time-Based Restricted Stock (Promotion) | 9/9/2024 | 475 | $22,520 | 1/3 each on 9/9/2025, 2026, 2027 |
Additional alignment signal: performance-based units granted in 2022 paid out at 0% on bottom-quartile TSR for 2022–2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 11, 2025) | 17,335 shares; restricted stock counted: 13,382; no options exercisable within 60 days |
| % of Outstanding | Less than 1% (32,709,301 shares outstanding) |
| Stock Ownership Guidelines | CEO 5x salary; all other executive officers 3x salary; 5-year compliance window; hold-til-compliant rule (net-of-tax) |
| Compliance Status | Executives “on track” to meet guidelines; equity holding requirement met as of FY2024 (time served varies) |
| Hedging/Pledging | Company prohibits hedging or pledging of Company stock by employees, officers, directors |
Outstanding equity awards (illustrative for vesting runway): Sieve had multiple unvested restricted stock tranches and unearned PSU tranches with specified vesting dates in 2025–2028 (e.g., RS: 3/4/2025–2027 and 9/9/2025–2027; PSUs: 3/4/2027 and retention PSUs vesting 7/17/2028 if hurdles are met) .
Employment Terms
| Topic | Terms |
|---|---|
| Severance Pay Plan (non-CEO execs) | Involuntary termination without cause: 12 months base salary, pro-rata MIP, 12 months COBRA, 6 months outplacement |
| Change-of-Control Severance Plan | “Double-trigger”: if terminated within 24 months post CoC, Tier 2 participants receive 18 months base salary, 1.5x target bonus, pro-rata bonus (greater of target/projection/actual), 18 months COBRA, 6 months outplacement; time-based awards accelerate per plan |
| Equity Acceleration (Retention PSUs) | If terminated without cause within first 18 months and no hurdles achieved, 20% of shares will vest; otherwise vested based on hurdles achieved; double-trigger acceleration if terminated within 12 months post Corporate Transaction |
| Clawbacks | SEC/Nasdaq-compliant policy adopted Dec. 1, 2023; recovery of incentive-based comp after accounting restatements; prior plan-based clawbacks also apply |
| Options | Company has not issued stock options since 2019 |
Change-in-control/termination payout table (as of Dec. 29, 2024; illustrative amounts):
| Scenario | Cash Severance ($) | RS Acceleration ($) | PSU Value ($) | Total ($) |
|---|---|---|---|---|
| Change in Control (Double Trigger) | 1,181,250 | 278,901 | 208,652 (assumes 20% retention award per plan note) | 1,668,803 |
| Involuntary (Not for Cause) | 525,000 | — | 208,652 | 733,652 |
| Death/Disability | — | 278,901 | — | 278,901 |
Note: Sieve’s departure (effective Nov. 17, 2025) is expected to qualify under Severance Pay Plan arrangements subject to release/non-compete compliance per 8‑K .
Investment Implications
- Pay-for-performance alignment: 2024 MIP paid 67.1% on balanced operating/development/CSR metrics, while 2022-granted PSUs paid 0% on bottom-quartile TSR, reinforcing at-risk pay tied to outcomes .
- Vesting/selling pressure: Time-based RS from 2024 grants will vest ratably through 2027, creating scheduled taxable events; retention PSUs require aggressive stock price hurdles ($65/$75/$85 for 30 consecutive trading days) and none were achieved as of Mar. 21, 2025, reducing near-term hurdle-driven selling risk .
- Alignment and risk controls: Prohibitions on hedging/pledging and clawback policy mitigate misalignment risk; ownership guidelines and hold-til-compliant rule further anchor equity exposure .
- Transition/retention risk: With Sieve’s departure, severance and equity treatment will follow plan rules; operational continuity shifts to successors (e.g., expansion of CFO/President North America responsibilities in Nov. 2025) .
Additional context: Management reported 2024 challenges in consumer demand and competition, with adjusted operating income of $148.2mm and total revenues of $2.06bn (-4% YoY); the 2024 say‑on‑pay approval was 99.5% .
Sources and Track Record Highlights
- Papa John’s appointment release and role scope (May 2022): Chief Restaurant Officer, North America operations oversight; background at Domino’s and Inspire .
- Role evolution (Sep 2023 and Sep 2024): Added North American development; promoted to Chief Restaurant & Global Development Officer .
- Departure and severance eligibility (Nov 2025): Announced via 8‑K; qualifies for severance per plan subject to standard conditions .
Notes on Compensation Benchmarking
- Peer group used for pay benchmarking (updated in Jan 2024): includes Domino’s, Texas Roadhouse, Wingstop, Shake Shack, Wendy’s, Restaurant Brands International, among others .
- TSR peer group and PSU design (2024 grants): S&P 1500 Restaurants constituents; PSU split 50% TSR / 50% cumulative systemwide sales .
Disclaimer
All quantitative and program details are from Papa John’s DEF 14A (Mar. 27, 2025) and related SEC filings; internet links are provided for biographical context. Hedging/pledging prohibitions, clawback policy, ownership guidelines, MIP metrics, grant details, and severance terms are cited to specific proxy sections.