Papa’s new big cheese slices from top

Papa John’s said on Wednesday that its finance head would leave the company next year as new Chief Executive Rob Lynch made a slew of top-level changes to turn around the pizza chain’s sputtering business.

Lynch, who was previously president of Arby’s Restaurant Group, took over the top Papa John’s job in August and was tasked by activist investor Starboard Value to improve sales, which have been dented by the negative publicity surrounding its founder, John Schnatter.

Schnatter resigned as chief executive in 2018 after he came under fire for criticizing the National Football League’s leadership over national-anthem protests by players in 2017. He also stoked ire by citing a racial slur during a conference call between Papa John’s executives and marketing agency Laundry Service.

Papa John’s announced at least five other executive changes, including the appointment of Max Wetzel, a former top executive at chemical company PPG Industries, as chief commercial and marketing officer.

The company said it has started looking for a replacement for Chief Financial Officer Joe Smith.

Lynch said the “streamlined” management team will make quicker decisions on a strategy to get the company past Schnatter’s image, which had adorned its advertising materials and pizza boxes.

The company said its third-quarter comparable sales in North America turned positive for the first time in nearly two years, rising 1 percent, compared with analysts’ average estimate of a 0.7 percent fall, according to IBES data from Refinitiv.

“While we recognize the recovery will take time and may have a few bumps along the way, we believe results this quarter demonstrate the turnaround is unfolding,” BTIG analyst Peter Saleh said in a note.

After trading as high as $61.99 during the day, shares of the 35-year-old pizza purveyor finished Wednesday at $61.14 — up by 6.9 percent, or $3.95. The shares are up 54 percent year to date.