Papa John's, Schnatter reach settlement agreement
Source: Associated Press
Papa Johns, Schnatter reach settlement agreement
By The Associated Press
March 5, 2019
Papa Johns has reached a settlement agreement with founder John Schnatter that will see him step down from the pizza chains board once an independent director that is mutually acceptable replaces him.
If a new director isnt named prior to Papa Johns 2019 annual shareholders meeting, Schnatters term will expire at the meeting, according to a regulatory filing.
Schnatter will also withdraw a lawsuit in which he accused the Louisville-based company of not giving him information he wanted after he resigned as chairman.
Last month Papa Johns International Inc. tapped the CEO of activist investment firm Starboard Value to become its chairman. Starboard CEO Jeff Smith was the chairman of the board at Darden Restaurants, which owns the Olive Garden chain, from 2014-2016. Papa Johns brought Starboard on board in part to help engineer its turnaround efforts.
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