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Papa John's CEO gets pay cut, no bonus
The State.com ^
Posted on 04/06/2004 11:06:25 AM PDT by 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.
TOPICS: Business/Economy; Culture/Society; Extended News; Miscellaneous; News/Current Events
KEYWORDS: papajohns
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CEO cut his own pay for the Company. How often do you see that going on?
1
posted on
04/06/2004 11:06:26 AM PDT
by
Dbdaily
To: Dbdaily
CEO cut his own pay for the Company. How often do you see that going on?Not often!
To: Dbdaily
I think I'm gonna go to Papa Johns more often.
3
posted on
04/06/2004 11:08:46 AM PDT
by
theDentist
(JOHN KERRY never saw a TAX he would not HIKE !)
To: All
Rank |
Location |
Receipts |
Donors/Avg |
Freepers/Avg |
Monthlies |
24 |
South Carolina |
255.00
|
9
|
28.33
|
|
|
68.50
|
8
|
Thanks for donating to Free Republic!
Move your locale up the leaderboard!
4
posted on
04/06/2004 11:10:55 AM PDT
by
Support Free Republic
(Your support keeps Free Republic going strong!)
To: theDentist
Unfortunately their product is not that good- it is a small step above Little Caesars.
5
posted on
04/06/2004 11:11:51 AM PDT
by
Fast Ed97
To: Dbdaily
Great Cheap Pizza also. Goes well with Pabst.
6
posted on
04/06/2004 11:12:08 AM PDT
by
Dead Dog
To: Dbdaily
Sales dropped 3 percent due to intense competition in the pizza-delivery industry Or due to the lousy taste of their pizza. Take your pick.
To: Dbdaily
Now, this is good (take & bake) pizza.
8
posted on
04/06/2004 11:13:22 AM PDT
by
martin_fierro
(Fingers of Fury™)
To: Fast Ed97
What's the best, in your opinion?
9
posted on
04/06/2004 11:13:43 AM PDT
by
xrp
To: xrp
I like small pizza places best, but for a national chain I'd go with Round Table.
To: xrp
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.
The worst I've ever had was in Australia.
11
posted on
04/06/2004 11:15:54 AM PDT
by
Seruzawa
(If you agree with the French raise your hand - If you are French raise both hands.)
To: trad_anglican
yep, a year ago I loved papa johns, but over time, they started to make the pizza thinner, more cheaper looker, Pizza Hut OTOH has stepped up its pizza.
12
posted on
04/06/2004 11:16:23 AM PDT
by
Pikamax
To: Dbdaily
Great news that the man is looking for others first!
I love Papa Johns pizza!
13
posted on
04/06/2004 11:16:46 AM PDT
by
tutstar
( <{{--->< http://ripe4change.4-all.org)
To: Fast Ed97
Maybe where you are--over here it is by far the best pizza around. I don't know anyone who doesn't love PJ's!
14
posted on
04/06/2004 11:16:54 AM PDT
by
Future Snake Eater
("Oh boy, I can't wait to eat that monkey!"--Abe Simpson)
To: trad_anglican; Fast Ed97
You gotta love a company that does
this.
15
posted on
04/06/2004 11:19:43 AM PDT
by
Future Snake Eater
("Oh boy, I can't wait to eat that monkey!"--Abe Simpson)
To: Dbdaily
I bet he still gets FREE PIZZA!!!
16
posted on
04/06/2004 11:21:08 AM PDT
by
expatguy
(Fallujah Delenda Est!!)
To: Future Snake Eater
In descending order...
Pizza Hut
Mellow Mushroom
Papa John's
Domino's
17
posted on
04/06/2004 11:21:35 AM PDT
by
TheBigB
("She undercut the subtle nuance of my wiener joke." - Crow T. Robot)
To: Fast Ed97
I agree. Papa John's is like all the other chains these days. Their pizza is tasteless and soggy, like Domino's, etc. The last good pizza I can remember from a chain was Godfather's in the early 80s. Shakey's was good in the 70s.
18
posted on
04/06/2004 11:27:45 AM PDT
by
Spandau
To: Fast Ed97
I disagree...I love their pizza.
19
posted on
04/06/2004 11:30:03 AM PDT
by
TankerKC
(Clogged Arteries and Still Smilin'!)
To: FourtySeven; Dbdaily
CEO cut his own pay for the Company. How often do you see that going on? More often than you know. Especially when the CEO is also the company founder. Charles Schwab and the entire BOD did this a couple years ago to avoid lay offs.
It is far more common than people think. It rarely makes the news and is rarely remembered when it does. People remember headlines like "CEO boosts pay 500% while laying off thousands"
20
posted on
04/06/2004 11:30:09 AM PDT
by
Phantom Lord
(Distributor of Pain, Your Loss Becomes My Gain)
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