Papa John's founder John Schnatter has agreed to leave the board as part of a settlement agreement with the company.
Papa John's founder John Schnatter has agreed to leave the board as part of a settlement agreement with the company, signaling the end to an acrimonious battle for control over the world's third-largest pizza delivery chain.
Schnatter, who owns about 30 percent of the company's shares, would resign from the board if the independent director is appointed before the 2019 annual stockholder meeting, Papa John's said. Early last month, Papa John's snubbed an investment offer from Schnatter and instead accepted an investment of up to $250 million from Starboard in return for a nearly 10 percent stake, while naming the hedge fund's Chief Executive Officer Jeffrey Smith as its chairman.
He stepped down as the company's chief executive in December of 2017, after drawing criticism for comments he made against National Football League leadership.
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