Papa John’s Chairman Schnatter Quits After Racial Remarks
- Schnatter admits using offensive word on May call with agency
- Pizza maker’s shares advance in wake of founder’s resignation
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The departure of Papa John’s International Inc. Chairman John Schnatter over his use of a racist slur comforted wary investors who’d fretted that the outspoken founder risked tarnishing the pizza maker’s reputation.
The independent directors of the company accepted Schnatter’s resignation late Wednesday, the restaurant chain said in a statement. Papa John’s will appoint a new chairman in the coming weeks, it said.