Papa John gets a $200 million investment from the hedge fund Starboard Value and names its CEO as its chairman (PZZA)

Papa John's

Papa John’s on Monday said it has received a $200 million strategic investment from the hedge fund Starboard Value and appointed Starboard CEO Jeffrey Smith as its chairman.
The pizza chain appointed three new directors, including Smith, to its board.
Around half of the proceeds from the deal will be used to repay debt, with the rest going towards investing in the business, Papa John’s said.
Watch Pizza chain trade live.

Papa John’s was rallying, up 5.17% to $40.50 a share early Monday, after announcing a $200 million strategic investment from the hedge fund Starboard Value and appointing Starboard CEO Jeffrey Smith as its chairman.

Starboard agreed to make the investment through the purchase of new convertible preferred stock, and the deal includes the option of an additional $50 million investment through March 29, 2019, according to a statement.

Smith, along with Anthony Sanfilippo, former CEO of Pinnacle Entertainment, have been appointed to be the two new independent directors of the pizza chain. Papa John’s CEO Steve Ritchie is also joining the board, the statement said.

Around half of the proceeds from the deal will be used to repay debt, with the rest going towards investing in the business, Papa John’s said.

“Our agreement with Starboard concludes a comprehensive strategic review conducted over the past five months to better position Papa John’s for growth, improve the Company’s financial performance and serve the best interests of our stakeholders,” said Olivia Kirtley, a member of the Special Committee and most recently chairman of the Papa John’s board.

“This transaction provides the Company with financial resources and strong and experienced directors on the Board in order to position the Company for success over the long term. We believe we have found terrific partners to advance Papa John’s strategy, especially given their record of reinvigorating and …read more

Source:: Business Insider

      

Warby Parker’s new shopping tool lets you try on and buy glasses virtually using your iPhone’s camera (AAPL)

Warby Parker Virtual Try-on

Warby Parker is launching a new tool inside its app for iPhone users: Virtual Try-on — users can test out different frames in different colors without having to go to a retail store or mail away for a test pair.
It also includes a photo-sharing option, in case you’d like to get expert opinion from friends and family, as well as a proprietary placement algorithm that it says can account for the curvature of a real face.
The feature launches Feb. 4 to all users with iPhone X, iPhone XR, or iPhone XS/XS Max.

Warby Parker announced a new shopping tool to make trying on glasses more convenient for iPhone owners: Virtual Try-on.

The tool, which lives inside the glasses-by-mail company’s app, is available February 4th. The caveat is that you’ll need an iPhone X, iPhone XR, or iPhone XS to take advantage — sorry to anybody rocking an older iPhone.

By taking advantage of the newer iPhones’ selfie camera, and Apple’s ARkit augmented reality technology, the tool makes it easier for Warby Parker customers to realistically visualize how certain frames, textures, and colors will look on their face by using accurate measurements and a proprietary method it calls “unique placement.”

In a press release, Warby Parker said its “placement algorithm mimics the real-life process of placing a pair of frames on your face, taking into account how your unique facial features interact with the frame.”

Once you find a frame you like, you can click to buy it right on the app. But if you are still unsure, the tool also includes a photo-sharing option, so you can get the opinions of friends and family.

“Shopping for glasses is challenging for most people. It’s one of the only products you wear on your face, and slight differences in sizing or shape can …read more

Source:: Business Insider

      

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