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.

[ridesthemiles]

The best? You're about to start a real flamewar here. I'd say the best pizza is made at Palermo's on Hillhurst in Hollywood.

I think we are trying to compare national brands to national brands here. You sound like your favorite is a single restaurant, but thanks for the recommendation for someone traveling in that area. Always nice to know where there is good food.

[Clemenza]

Here in Brooklyn, NYC, we still have some great independent Pizza joints that put Papa John's to shame. Nevertheless, its sweet, soft crust still puts it ahead of Dominos (eat the box, it tastes less like cardboard than the pie), Pizza Hut (bleech) and Little Caeser's (Not Pizza, Not Pizza). Not much competition though...

[Ignatz]

I agree MF! Papa Murf's is some of the best pizza I have ever had.

[Ignatz]

Gotta pat myself on the back from time to time... Well, before you dislocate yer shoulder and can no longer type, how about postin' yer recipe?

[Brytani]

Check your freepmail, it's on the way

[Ignatz]

Hmm...hasn't arrived yet.
Mouth is watering........Pavlov who?

[HamiltonJay]

THey definatley have the best pizza of any of the delivery chains.. Can't wait till they open one close to where I live.

[TXBSAFH]

That is the problem theyhave in a nutshell. The quality of their product has dropped while their competion is getting better.

[Brytani]

Hmmm I sent it out yesterday evening by private reply. It's sitting in my mail box as well. I'll re-send

[Aquinasfan]

Firt place with a low-carb pizza wins.

[Johnny Gage]

I like small pizza places best,

Same here. There's a couple of them in our area that are quite good that we visit when we want "restaurant" pizza.

But Papa Murphy's is the best for "take home"

[bmwcyle]

I don't call any more. I just log on.

[Monty22]

I just ordered a Papa Johns pizza. They really aren't bad at all. Yummy :)

[Little Ray]

So what is the best pizza in Atlanta?
I used to like the Godfather's out on I20W, but they changed the way they made the pies and now its more like something you'd get at Chucky Cheese's...
Johnny's New York Pizza isn't bad; I like it more than Mellow Mushroom.
I like Pizza Hut a little, but that's 'cause they serve Moutain Dew...
For delivery pizza, Papa John's is better that Domino's.
I like Pizza Hut a little, but that's 'cause they serve Moutain Dew...

[dakine]

I have a bias towards Max's...