Papa John's CEO gets pay cut, no bonus

The State.com ^

[Dbdaily]

DES MOINES, Iowa - The top executive at Papa John's International Inc. received no bonus and no stock options in 2003, as the pizza company's earnings plunged, according to a regulatory filing. His base pay also shrank.

According to the proxy statement, founder, chairman and chief executive John H. Schnatter's total compensation package was $649,785.

The Louisville, Ky. company's executive compensation committee had approved a 2 percent raise for most officers, Schnatter included. But last May he asked that his base salary be reduced by $200,000 "in order to provide funds to increase the compensation of certain restaurant-level managers and corporate management," the Securities and Exchange Commission filing said. Accordingly, his base pay was cut to $575,200.

Also, at his request, Schnatter received no stock options or other equity-based compensation from the company. Several other senior executives, including his brother Charles Schnatter, did receive a 25,000-share option award.

Because the company didn't meet established quarterly or annual earnings thresholds during 2003, no bonus payments for performance were made under the incentive plan, the proxy said.

In 2002, CEO Schnatter was paid $750,923 and received a $293,649 bonus, but no options.

Papa John's earnings fell 28 percent to $33.6 million, or $1.86 a share, last year. Sales dropped 3 percent due to intense competition in the pizza-delivery industry.

[TankerKC]

Mellow Mushroom

True...if you ever get your food. I had to give up on going there.

[xrp]

Hah, you can't flame someone's opinion. It is a matter of "I like" or "I love" or "I dislike". Everyone might have a pizza preference, but I hope people don't argue about something so petty ;-)

[fml]

Yep, cool!

[bigfootbob]

I especially like their creamy garlic & chicken pizza, Damn Good.

[Phantom Lord]

My opinion of the Mellow Mushroom is about as low as it can get regarding pizza. And that is not even taking into consideration their very high prices.

One of my favorite foods is day old pizza. Leave it on the counter over night and it makes a great breakfast or lunch. This is not possible with Mellow Mushroom pizza. Even before it becomes "left over" pizza, it becomes like a sponge freshly soaked with water.

And I don't care what anyone says, the best pizza on the planet is real NY Pizza. And I'm not talking about the crap they sell down here in the south under the heading "NY Pizza" on the menu or on the window signage.

[Citizen of the Savage Nation]

Especially when places can be hit or miss. I didn't like Round Table in LA but my local RT is the best.

[Khurkris]

agree completely...mom & pop pizza places are usually best. And every Round Table, quite a few, have been consistently good.

[Brytani]

The best pizza, hands down, is my completely homemade pizza. My friends call me and ask I bake them pies for dinner or football games etc.

Gotta pat myself on the back from time to time...

[Fast Ed97]

Really only the local- but among the national chain restaurants probably Pizza Hut.

[12B]

Back in the 70's I was a pizza cook with John Schnatter in a little Italian joint in our hometown. I went on to IU to study Economics. John went on to make a freakin' fortune in the pizza biz. Go figure.

[martin_fierro]

Yup!

I don't even like veggie dishes, but the veggie version of that is also great.

[TheBigB]

Well, the MM here in Nashville is very good. Good food and fast service. Of course, seeing as how it's right next to vanderbilt, there's a surplus of nose rings and retro eyeglasses amongst the waitresses. Nice, though. :)

And there's a local place in my hometown, Alfonso's, who makes the best in the world. IMHO, of course.

[Moonman62]

I take it that Schnatter didn't go off to college. So many successful people don't. It costs a friggin' fortune to support all those tenured leftists these days too.

[SquirrelKing]

Mmmmm...pizza...!

[Denver Ditdat]

I have never cared much for Papa John's pizza - way too much sugar in the sauce. My own choices for chain pizza in the Denver area are Blackjack and Beau Jo's.

[dakine]

Max's Pizza in Surf City, N.C...

[mewzilla]

Click on this FR thread for another reason to visit Papa John's :)

[Sir_Ed]

"[T]he best pizza on the planet is real NY Pizza."

Boy, ain't that the truth!

My girlfirend's from Bay Ridge, B'klyn and we always like to go to Gino's, or the 5th Avenue stores in downtown B'klyn.

Of course, Little Italy (whatever's left of it, it's all becoming Chinatown!) also has fantastic restaurants.

Not to mention the deli's in Brighton Beach, the baba ganoush and piroshki in Boro Park and the falafels!

MMmmm...NYC food!

Ed

[wingnutx]

I think Papa John's makes great pizza.

[Wright is right!]

"Sales dropped 3 percent due to intense competition in the pizza-delivery industry."

I doubt it. There are about the same number of same-performing pizzer jurnts as ever. But one thing HAS changed.

Atkins/South Beach/Low Carb is a way of life for a very large segment of the Amurrican Pipple. You don't find pizzer on ANY low-carb menu. So as carbs get dumped, fewer pizzers are sold and any food chain that has only one trick pony is going to see its sales decrease.

Face it. The pizzer-jurnt industry got rich for decades selling, what is in essence, very expensive BREAD. Unless you really load it up with meats, veggies, extry-sauce and extry-cheese, it's BREAD. And by loading it up, we're talkin' about a 3-1 topping-to-crust weight advantage. NO one does that. Or they'd have to charge $40 for a large.

Michael