Papa John’s founder John Schnatter to resign from board after independent director is named

Papa John’s has reached a settlement agreement with its founder John Schnatter, a filing on Tuesday showed, signaling an end to the acrimonious battle between the pizza chain and its former chairman. The company said it would co-operate with Schnatter to identify a mutually acceptable independent director, who would not be affiliated to hedge fund Starboard Value or Schnatter. Early last month, Papa John’s snubbed Schnatter and accepted an investment of up to $250 million from Starboard in retur


Papa John’s has reached a settlement agreement with its founder John Schnatter, a filing on Tuesday showed, signaling an end to the acrimonious battle between the pizza chain and its former chairman. The company said it would co-operate with Schnatter to identify a mutually acceptable independent director, who would not be affiliated to hedge fund Starboard Value or Schnatter. Early last month, Papa John’s snubbed Schnatter and accepted an investment of up to $250 million from Starboard in retur
Papa John’s founder John Schnatter to resign from board after independent director is named Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: jb lacroix, wireimage, getty images
Keywords: news, cnbc, companies, hedge, johns, resign, board, agreement, prejudice, schnatter, company, founder, papa, director, john, independent, named, starboard


Papa John's founder John Schnatter to resign from board after independent director is named

Papa John’s has reached a settlement agreement with its founder John Schnatter, a filing on Tuesday showed, signaling an end to the acrimonious battle between the pizza chain and its former chairman.

The company said it would co-operate with Schnatter to identify a mutually acceptable independent director, who would not be affiliated to hedge fund Starboard Value or Schnatter.

Early last month, Papa John’s snubbed Schnatter and 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.

Schnatter, who owns about 30 percent of the company’s share, would resign from the board, if the independent director is appointed before the 2019 annual stockholder meeting, Papa John’s said.

Meanwhile, Schnatter has agreed to dismiss two lawsuits: one against the company in the Delaware Chancery Court without prejudice and one in Jefferson County, Kentucky, related to a sublease agreement with prejudice, the company said.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: jb lacroix, wireimage, getty images
Keywords: news, cnbc, companies, hedge, johns, resign, board, agreement, prejudice, schnatter, company, founder, papa, director, john, independent, named, starboard


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