Technology Papa John's founder John Schnatter resigns as chairman of company's board after apologizing for racial slur

06:51  12 july  2018
06:51  12 july  2018 Source:   cnbc.com

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Papa John ' s Pizza' s founder John Schnatter may have resigned as chairman of the restaurant chain' s board of directors following news that he used a racial slur in a conference call, but he still owns a substantial stake in the company .

The founder and chairman of pizza chain Papa John ’ s has resigned , hours after being forced to apologise for using a racial slur on a conference call in May. Forbes reported that John Schnatter used the N-word during a media training exercise. On the May call, when asked how he would

Papa John's founder John Schnatter has resigned as chairman of his company's board after admitting and apologizing for using the N-word during a May conference call.

The company said in a statement it will appoint a new chairman in the coming weeks. Olivia Kirtley will act as the company’s lead independent director, it added.

News of Schnatter's resignation came shortly after Yahoo Sports reported that the Major League Baseball had indefinitely suspended its Papa Slam promotion — a campaign that both sides have collaborated on since 2016.

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John Schnatter , founder of Papa John ' s , resigns as chairman of the company ' s board . Schnatter apologized for using the N-word during a May conference call after Forbes magazine reported the incident. The stock surged Thursday morning, recouping Wednesday's losses — and then some.

Earlier in the day, he acknowledged using a racial slur during a May conference call and apologized . Tom Wait reports.

The incident in May came to light after Forbes magazine detailed the incident in an article on Wednesday. The report said Schnatter was on a call with marketing agency Laundry Service when he tried to downplay comments he made about the National Football League and allegedly said, “Colonel Sanders called blacks n-----s."

Schnatter complained that the KFC founder never faced public backlash. The call was a role-playing exercise for Schnatter to prevent future public relations fumbles.

Shares of Papa John's fell by as much as 5.9 percent to a new 12-month low of $47.80 a share in intraday trading Wednesday — erasing $96.2 million in market value. The stock recovered somewhat, closing down 4.8 percent at $48.33 a share. Papa John's is down 13 percent so far this year while Domino's shares are up 48.5 percent.

Papa John's founder 'isn't going quietly,' lawyer says — Schnatter just dragged Kanye West into fight with the board .
Papa John's Founder John Schnatter doubled down on claims he made during a television interview Friday in a letter he sent to the company's board of directors Saturday.And he didn't want to work with singer Kanye West, he said in a letter sent to the board of directors Saturday.

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