The fight for control of Papa John’s may finally be ending.
On Tuesday, company founder John Schnatter entered an agreement with the pizza chain to resolve many points of contention. He will step down from the board of directors and withdraw his nomination for reelection in July, and instead will work with the board to find an independent replacement.
Furthermore, Schnatter will drop two lawsuits, including one filed over a “poison pill” restriction the company implemented in an effort to prevent him from gaining majority control; Papa John’s will remove that restriction. The firm also agreed to provide Schnatter with full access to the company’s books and records, as mandated by a Delaware court last month, and will remove a clause that required new investor Starboard Value to vote with incumbent board members.
“I founded Papa John’s, built it from the ground up and remain its largest shareholder,” said Schnatter, who still owns about 30% of the business’ stock. “I care deeply about its employees, franchisees, and investors and am thankful that I’ve been able to resolve these important issues, and that we can all focus on the company’s business without the need for additional litigation.”
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