Papa John founder Schnatter to exit board in settlement
- Papa John’s founder John Schnatter is leaving its board of directors as part of a settlement resolving a bitter dispute for control of the world’s third-largest pizza chain.
The company said in a regulatory filing on Tuesday it would co-operate with Schnatter to find a mutually acceptable independent director who would not be affiliated with Schnatter or hedge fund investor Starboard Value LP, which owns a nearly 10 percent stake in the restaurant chain. Schnatter has filed several lawsuits against the company in a bid to regain control of the company he founded in his father’s tavern. In January, he claimed a victory when a court ordered the board to give him some internal documents, including text messages related to his firing, which Papa John’s had until then refused to share.
As part of the agreement, Papa John’s has agreed to share with Schnatter all of the company’s records, giving him the option to sue if those documents revealed wrongdoing by the company, Schnatter said in a statement“ 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,” Schnatter said.
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