Papa John’s International, Inc. announced that Ann Gugino will step down from her position as Chief Financial Officer effective March 22, 2023. Gugino will remain an employee of the company through May 31, 2023, during which time she will assist the company with the transition of her responsibilities. In connection with Gugino’s departure, the company appointed Chris Collins to the position of principal financial and accounting officer, on an interim basis. The company is currently searching for a permanent Chief Financial Officer.
Subject to Gugino’s execution of a general release of claims in favor of the company and her continued compliance with, among other things, applicable confidentiality and non-competition requirements, her departure from the company will qualify her for severance benefits consistent with a termination without cause under the Company’s Severance Pay Plan, as amended, including continuation of her base salary for a period of 12 months from the date of her separation; pro rata payment of her annual bonus under the Company’s Management Incentive Plan for 2023, subject to the achievement of the applicable performance metrics; COBRA benefits; payment for credited and unused vacation days under the Company’s existing policies; and executive outplacement services.
Chris Collins currently serves as Vice President, Treasury and Tax and has been with the Company since April 2021. He is an experienced finance professional with over 25 years of experience leading finance functions in the US and internationally for public companies. Prior to joining the Company, he served as the VP, Treasury at Signet Jewelers from 2019 until 2020. Prior to 2019, he held several financial leadership roles with The Goodyear Tire & Rubber Company in the US and Europe, and with American Axle & Manufacturing.
In connection with his appointment as interim principal financial and accounting officer, the Compensation Committee of the Board of Directors of the Company has approved Collins’ compensation, which will include an annual base salary of $300,000, a one-time grant of restricted stock in the amount of $100,000 (one-third of which will vest on each anniversary of the grant date over three years), and a one-time cash bonus of $50,000. He will also be eligible for a 2023 target annual incentive plan opportunity of 75 percent of his base salary for the period of time in which he serves in this position.
