PZZA - Papa Johns announces share repurchase transaction and Board Chair transition

• Papa John's International ( NASDAQ: PZZA ) announced that CEO of Starboard Value and Chair of the Papa Johns Board Jeffrey Smith resigned from the board, effective Mar.1, 2023.
• Christopher Coleman, a Papa Johns director since 2012, has been appointed the new independent Chair of the Board.
• The company also entered into an agreement to repurchase 2.18M shares of stock beneficially owned by Starboard at a purchase price of $82.52/share; company will fund the share repurchase with cash on hand and funds available under its revolving credit facility.
• The price of the share repurchase represents a discount of ~4% to closing price as of Mar.1, 2023.
• Post the transaction, Starboard will beneficially own 582,432 shares, representing ~2% of Papa Johns’ outstanding shares.
• With this repurchase from Starboard, Papa Johns will have spent more than $410M on share repurchases, buying back more than 10% of its shares outstanding since 2020.

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