Mar
05
Papa John's founder to quit board, drop suit in settlement
Posted in: Uncategorized
Papa John’s has just charted a path forward without Papa John.
Embattled pizza chain Papa John’s Internationalsaid founder John Schnatter will resign from the board, bringing to a close months of tensions in the management ranks.
Schnatter, who still owns almost one-third of the shares, will help the company identify a mutually acceptable independent director to take his place, the company said Tuesday in a filing. The founder also agreed to dismiss a Delaware lawsuit related to his exit from the chairman’s seat. His term as director will expire at the 2019 annual meeting or when the independent director is appointed, whichever comes first.
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