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Papa John's papa to leave the board

Video Credit: Reuters Studio - Duration: 01:06s - Published < > Embed
Papa John's papa to leave the board

Papa John's papa to leave the board

The controversial founder of Papa John's, John Schnatter, has agreed to leave the board of the company.

As Fred Katayama reports, this could end the battle for control of the pizza delivery chain.

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Papa John's papa to leave the board

Papa John's beleaguered Founder John Schnatter has agreed to give us his seat on the company's board - ending an acrimonious battle for control over the world's third-largest pizza delivery chain.

Schnatter - who owns 30 percent of the company - resigned as chairman last summer after he reportedly used a racial slur on a media training conference call.

He also drew flak for comments he made against the leadership of the National Football League over its handling of the national anthem protests.

The bad press took a toll on the company, which said last week its North America same-store sales fell more than 7 percent in 2018.

As part of a larger agreement, Schnatter will have a say in who replaces him, and he'll dismiss two lawsuits he filed against the company.

The settlement comes one month after the company accepted an investment from activist investor Starboard Value and made the hedge fund's CEO, Jeffrey Smith, its chairman.

News of Schnatter's departure gave Papa John's beleaguered shares a 2 percent lift in Tuesday morning trading.

The company stock has lost nearly 28 percent of its value over the last 12 months amid the negative publicity surrounding Schnatter.




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