Papa John’s has just charted a path forward without Papa John.
Papa John's sales slump worsened last summer after founder John Schnatter, shown above in 2015, used a racial slur on a conference call. Embattled pizza chain Papa John’s International Inc. said founder John Schnatter will resign from the board, bringing to a close months of tensions in the management ranks.
Schnatter said in an emailed statement that he’s thankful to be “able to resolve these important issues.” He said the board’s willingness to remove the “acting in concert” provision from thewas key to his decision to dismiss the lawsuit, so “we can all focus on the company’s business without the need for additional litigation.”
As recently as last month, it had appeared Schnatter wasn’t going to release his grip on the company without a fight. Starboard’s cash infusion came after the Papa John’s board, which had been evaluating strategic options — including potentially seeking a buyer — turned down a similar investment deal from Schnatter himself.
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