08:24 AM EDT, 03/21/2024 (MT Newswires) -- Papa John's International (PZZA) President and Chief Executive Rob Lynch will leave the company to assume the position of CEO at Shake Shack ( SHAK ) .

Shake Shack ( SHAK ) said Thursday that Lynch's appointment as its CEO will take effect May 20, succeeding Randy Garutti, who will transition to an advisory role through the end of 2024.

Papa John's said Thursday that its board appointed Chief Financial Officer Ravi Thanawala as interim CEO, effective immediately.

Lynch will serve as an adviser until April 30, Papa John's said, adding that the board is in the process of identifying a new CEO.

The company also said that "it remains on track to achieve" $153 million to $163 million in adjusted operating income in 2024.

Papa John's was down 1.5% Shake Shack ( SHAK ) slipped 4.6% in premarket activity.

Price: 70.7, Change: -1.05, Percent Change: -1.46