Key Takeaways:
- AEO named Ravi Thanawala CFO effective August 3, 2026.
- Mike Mathias becomes Strategic Advisor to CEO Jay Schottenstein after 25 years of service.
American Eagle Outfitters, Inc. announced Wednesday that it has named Ravi Thanawala EVP and CFO, effective August 3.
Thanawala joins AEO from Papa John’s International, Inc., where he served as CFO and President, North America, a role he took on in November 2025. Papa John’s announced Thanawala’s departure June 30, 2026, saying he was leaving to assume a CFO position at another public company.
“We are pleased to welcome Ravi Thanawala to the executive team,” AEO CEO Jay Schottenstein said in a statement. “His extensive retail background, dynamic leadership style and proven track record of delivering operational excellence for consumer-facing brands will position us well for long-term success.”
Before his most recent role, Thanawala served as Papa John’s CFO and EVP, International, and as Interim CEO from March to August 2024, after joining the company as CFO in 2023. Prior to Papa John’s, he was CFO of Nike North America from June 2020 to July 2023 and Global VP and CFO of the Converse brand from 2018 to 2020. He also spent eight years at ANN INC., including as CFO of the ANN INC. business under Ascena Retail Group, Inc.
Thanawala succeeds Mike Mathias, who will transition to a full-time non-executive strategic advisor role to Schottenstein after 25 years of service with the company.
“I have long admired AEO’s powerful portfolio of beloved lifestyle brands, including American Eagle and Aerie, as well as the disciplined financial foundation and strong operational framework that Jay, Mike and the team have established,” Thanawala said in a statement. “My immediate priority is working with Mike to ensure a seamless transition that maintains organizational momentum.”
Thanawala Compensation Terms
Under the offer letter, Thanawala will receive an annual base salary of $1 million and an annual bonus opportunity targeted at 100% of eligible earnings, with a maximum of 200%, according to documents AEO filed with the SEC. In lieu of AEO’s ordinary-course fiscal 2026 equity grant, he will receive a stock option award valued at $750,000, a time-based restricted stock unit award valued at $500,000 and a performance-based restricted stock unit award targeted at $1.25 million, each vesting over three years.
Thanawala will also receive a sign-on package tied to compensation forfeited from his prior employer: a $1 million cash bonus paid in two installments and a $1.5 million restricted stock unit award vesting over two years.
Mike Mathias’s Long History with AEO
“Mike’s history with AEO runs incredibly deep,” Schottenstein said in a statement, noting Mathias began his career with the company in 1998, returned in 2017 and was promoted to CFO in 2020. “Mike’s financial expertise and strategic foresight have been instrumental in strengthening the foundation of our business, driving long-term value and positioning AEO for a bright future,” he said.
“I am incredibly proud of the financial and operational milestones we have achieved during my time as CFO,” Mathias said in a statement. “I leave the finance function in highly capable hands, backed by the deep bench strength of our talented leaders.”
AEO Q1 Results
The leadership change comes as AEO reported record first quarter revenue of $1.2 billion, up 10% year over year, in its May 28 earnings release, with Aerie comparable sales up 25% offsetting a 2% decline at the American Eagle brand. The company reaffirmed its second quarter and full-year fiscal 2026 guidance.
