Papa John’s New Struggle

The new CEO Steve Ritchie of Papa John’s recently wrote a letter to its employees, franchisees, and customers detailing the substantial steps Papa John’s intends to take to repair a reputation that has fallen over the past year. In his letter, he stated that the company’s leadership team had already completed the first step in the plan which was to do among themselves an “unconscious bias training.” He then stated that he and others in the leadership would be visiting various franchises throughout the company in the following months.

He also stated that Papa John’s was assembling an advisory team of diversity, equity, and inclusion experts. To the end of reputation repair, Papa John’s is even now developing a new minority-owned franchise expansion and development program and a new foundation focused on positively impacting communities with Papa John’s restaurants. But Ritchie is clear that these organizations in development are only the beginning of taking the company back to its values. Ritchie is not new with the pizza world. He has been highly involved in it for more than 25 years.

In his role as PJ’s CEO, he will be leading 120,000 corporate and franchise employees all over the world. He also fully realizes that he is responsible to the company’s partners, custumers, and communities. While its profitability is going up at this present time, it is still somewhat below what it was a little over a year ago. Ritchie believes that although recovery will be slow, Papa John’s will eventually get to where it wants to be. His sights are in particular set on attracting Millennial and Gen Z customers. Sadly, prior to getting to this point there may be store closures in the coming months.

Throughout most of 2018 and throughout all of the coming year there will be a reduction of royalties, foodservice pricing, and online fees. In addition, it has hired Victoria Russel for its new Chief of Diversity and Inclusion role.

Find out more about Steve Ritchie: https://www.crunchbase.com/person/steve-ritchie

Richard Liu Qiangdong On Not Giving Up On Your Ideas

E-commerce billionaire and Chinese internet star, Richard Liu Qiangdong, is a man with an impressive story to tell. For starters, he wasn’t born with a silver spoon in his mouth. He had to earn each and every dollar on his current $12.7 billion net worth, which makes him one of the richest men in the world today. But the road hasn’t been this rosy for Richard Liu Qiangdong. During the most recent World Economic Forum Annual Meeting, where he was in attendance, the billionaire gave a brief history of how his journey was riddled with setbacks as well as trying moments. He began his journey in the business world as a restaurant owner. 

Unfortunately, the business didn’t take off as expected. Knee deep in debt  and in despair, Richard Liu Qiangdong didn’t give up. He instead took a job as a salesman dealing in medical related products. Once his debt was cleared, Richard decided to give entrepreneurship yet another try.  But this time around, he went forward with another venture, which involved the sales of electronics. Thankfully, this business picked up quite well. But by 2003 the SARS pandemic hit which resulted in the crumbling of thousands of businesses. Thankfully, Richard Liu Qiangdong was fully prepared. And as a result of this, he quickly switched his business to an online platform.  By 2004, JD.com was founded and from there, everything seemed to have picked up quite well.

Ten years later, the online company was publically traded in NASDAQ and by 2016, it was raking annual revenues of close to $35 billion. Richard Liu Qiangdong always made sure that his company was dealing with legit businesses.  And that’s exactly why his company has grown to become a $60 billion empire with well over 167,000 employees all across the globe. JD.com is also known for having well over 500 logistics stores in China alone. The 2017 Variety500 Honoree also made sure the delivery time was greatly improved. For starters, a lot of businesses took a lot of time to deliver their goods to customers. But with JD.com, they only take about 6-20 hours to deliver which is quite impressive. And at this point, the rest of their competitors can only play catch up. Learn More.