Ravi Thanawala

CFO & EVP, International at PAPA JOHNS INTERNATIONAL

Since September 9, 2024

Age

40 years

Education

Graduated from the Stern School of Business at New York University with a Bachelor of Science in Finance and Policy Economics.

Tenure

Joined Papa John's on July 24, 2023 as CFO, served as interim CEO from March 2024 to August 2024, and was promoted to CFO & EVP, International on September 9, 2024.

Also at PAPA JOHNS INTERNATIONAL

CMO

Caroline M. Oyler

Chief Legal & Risk Officer, Corporate Secretary

Joseph Sieve

Chief Restaurant and Global Development Officer

Kevin Vasconi

Chief Digital and Technology Officer

About

Ravi Thanawala is a seasoned financial executive with extensive experience in global operations and financial management. His career includes significant tenures at major firms like Nike, Inc.—where he held leadership roles across North America and international divisions—and ANN INC., where he oversaw finance and operations in Asia and global logistics.

At Papa John’s, his rapid advancement is evident: starting as CFO in July 2023, he stepped in as interim CEO from March to August 2024, then was promoted to CFO & EVP, International in September 2024, reflecting his versatile leadership and strategic expertise.

His work has been instrumental in driving financial stability and spearheading the company’s international market initiatives, further solidifying his reputation as a key executive in the organization during times of transition and growth.

Past Roles

Organization	Role	Date Range	Details
Papa John’s International	Interim Chief Executive Officer (Interim CEO)	Mar 20, 2024 – Aug 2024	Served as interim CEO following Robert M. Lynch's resignation until Todd Penegor's appointment
Papa John’s International	Chief Financial Officer (CFO)	Jul 2023 – Sep 9, 2024	Held the CFO role before being promoted to CFO & EVP, International
Nike, Inc.	Chief Financial Officer of Nike North America	Jun 2020 – Jul 2023	Managed financial operations for Nike North America
Nike, Inc.	Global Vice President & Chief Financial Officer of Converse	Jun 2018 – Jun 2020	Oversaw Converse brand's franchise model and international business
Nike, Inc.	Global Vice President, Retail Excellence	2016 – 2018	Led performance across business channels during a period of digital transformation
ANN INC.	Senior Vice President & Chief Financial Officer	8 years	Held additional finance leadership for LOFT and led Asia operations, global logistics, and international trade
Ford Motor Company	Various Finance Roles	N/A	Supported mergers and acquisitions, global joint ventures, and treasury functions

Fixed Compensation

Data from FY 2024

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$675,000	Annual	Increased due to promotion to CFO and EVP, International effective September 9, 2024
Annual Cash Incentive Target	$506,250	Annual	75% of base salary
Annual Long-Term Incentive Opportunity	$1,500,000	Annual	Increased due to promotion to CFO and EVP, International
Interim CEO Base Salary Increase	$805,000	For Interim CEO period starting March 20, 2024	Interim base salary during his tenure as Interim CEO
Interim CEO Target Annual Bonus Opportunity	$1,006,250	Annual (Interim CEO period)	125% of interim CEO base salary
Interim CEO Time-Based Restricted Stock Grant	$400,000	Vests on the second anniversary of grant date	Time-based restricted stock grant subject to continued service
Sign-On Cash Bonus (2nd Installment)	$412,500	Payable on one-year anniversary (July 24, 2024)	Second installment of a $825,000 sign-on bonus

Performance Compensation

Data from FY 2024

Performance-Based Restricted Stock Units (Retention Award)

Metric	Details
Performance Component	Performance-Based Restricted Stock Units (RSUs)
Grant Date	July 17, 2024
Grant Value	$1,875,000
Grant Date Stock Price	$47.34 (30-day trailing average as of July 3, 2024)
Number of Units Granted	39,607 RSUs (calculated as $1,875,000 ÷ $47.34)
Performance Period	July 17, 2024 – July 17, 2027
Stock Price Hurdles	Hurdle #1: $65.00 (30% of award earned, 37% appreciation); Hurdle #2: $75.00 (additional 30%, 58% appreciation); Hurdle #3: $85.00 (additional 40%, 80% appreciation)
Performance Condition	Average closing price must exceed the applicable hurdle for 30 consecutive trading days during the performance period
Vesting Schedule	Vest on July 17, 2028, contingent on achieving the stock price hurdles and continued service for four years from the grant date
Valuation Method	Grant-date fair value determined using a Monte Carlo simulation model

This performance award is designed to incentivize long-term stock price outperformance and align executive interests with those of stockholders.