Vancouver-based Papa Murphy’s take-and-bake pizza chain has found its next chief executive officer, the company announced Wednesday.
Weldon Spangler will take the top post and join its board of directors officially July 17. He fills a job that has been empty for almost six months, after the resignation of Ken Calwell in late December.
Chairwoman Jean Birch, who served in the interim, will stay on in her role leading the board of directors.
“I am pleased to welcome Weldon to the Papa Murphy’s team. Weldon is a seasoned leader with over 30 years of restaurant industry experience, and his expertise in managing and developing franchise businesses makes him a great fit for our company’s next chapter,” Birch said in the announcement.
Spangler comes from Dunkin’ Brands Group, a restaurant ownership group based in Massachusetts, which owns Dunkin’ Donuts and Baskin-Robbins ice cream. Spangler was most recently a senior vice president.
Spangler, in a prepared statement, said the take-and-bake company offers a “unique, high quality product that customers love.”
“With a focus on the success of our franchisees, Papa Murphy’s has significant opportunity to grow and thrive,” he said. “I am excited to begin partnering with the entire organization to enhance long-term shareholder value.”
Spangler will earn a base salary of $515,000, according to filings with the Securities and Exchange Commission, as well as an $80,000 signing bonus, up to $50,000 in relocation expenses and 250,000 shares in common stock. His contract allows him to earn up to 75 percent of his base salary in incentives, the filings say.
Spangler takes the reins at a time when Papa Murphy’s Holdings Inc., headquartered in Vancouver, is trying to find its footing. After pushing for a greater emphasis in online sales and marketing, stock prices tumbled 61 percent in 2016. The company has battled lawsuits from frustrated franchisees in recent years.
Papa Murphy’s announced earlier this month it will close 16 of its own stores, trading pizza sales as a source of revenue in favor of royalties and franchise fees.
Traded on the Nasdaq Exchange as FRSH, Papa Murphy’s Holdings Inc. closed at $4.19 Wednesday, down 2 cents.
