Papa John’s Appoints New Chair of Board

Papa John’s has found a new chair of board and it’s Olivia F. Kirtley.

The company’s former chair of board John Schnatter resigned after it was revealed that he used the N-word during a conference call.

Kirtley is the board’s lead independent director and had been serving as the chair in Schnatter’s absence before being officially appointed by a unanimous vote.

Representatives for Schnatter told CNBC that he also voted in favor of Kirtley.
It was last Thursday that Schnatter filed a lawsuit against the company, which alleges that the board “acted without adequate information … or [they] planned this coup in advance.”

Kirtley stated, “Many stakeholders, including team members, franchisees and shareholders, have expressed their support for the actions we are taking. We appreciate this support and value the feedback we have received.”

She added, “The independent members of the Board and leadership will continue to engage with shareholders and other stakeholders to hear their perspectives and ideas, including on Board composition, so that these views can be considered in our work to move forward.”

Shares of the company collapsed this past Friday to a new 52-week low.

Disclaimer: We have no position in Papa John’s Int’l, Inc. (NASDAQ: PZZA) and have not been compensated for this article.