: Papa John’s CFO Ann Gugino is stepping down with immediate effect

Papa John’s International Inc. PZZA said Wednesday Chief Financial Officer Ann Gugino is stepping down effective immediately. The company named Chris Collins, current vice president for treasury and tax, as its principal financial and accounting officer on an interim basis, as it starts to search for a successor to Gugino, it said in a regulatory filing. As long as she remains compliant with confidentiality and non-compete requirements, Gugino will be entitled to severance benefits consistent with a termination without cause, said the filing. That means she will get her base salary for a period of 12 months from the date of her departure, will get a pro rata payment of her annual bonus, will be paid for unused vacation days and be entitled to executive outplacement services. The company said Collins will be paid an annual base salary of $300,000, a one-time grant of $100,000 of restricted stock and a one-time cash bonus of $50,000. He will also be eligible for a 2023  target annual incentive plan opportunity of 75% of his base salary for the period of time in which he serves in this position. The stock has fallen 18% in the last 12 months, while the S&P 500 SPX has fallen 11%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.