Special Committee of Papa John’s Board Approves Company Actions with Respect to John H. Schnatter
July 15 2018 - 11:46PM
Business Wire
Papa John’s International, Inc. (NASDAQ: PZZA) today announced
that a special committee of the board of directors consisting of
all of the independent directors was formed to evaluate and take
action with respect to all of the company’s relationships and
arrangements with John H. Schnatter. The special committee is being
advised by independent outside legal counsel.
The special committee has already taken a number of important
actions. The special committee approved and directed the company to
terminate Mr. Schnatter’s Founder Agreement, which defined his role
in the company, among other things, as advertising and brand
spokesperson for the company. Since Mr. Schnatter no longer has an
active role with the management of company’s business, the special
committee also approved and directed the company to terminate a
sublease agreement granting Mr. Schnatter the right to use certain
office space at the company’s corporate headquarters in Louisville,
Kentucky.
As previously announced, Mr. Schnatter is no longer a
spokesperson for the company or the brand. The company has
specifically requested that Mr. Schnatter cease all media
appearances, and not make any further statements to the media
regarding the company, its business or employees.
The special committee also intends to oversee the external audit
and investigation which the company previously announced that it
will conduct of all the company’s existing processes, policies and
systems related to diversity and inclusion, supplier and vendor
engagement and Papa John’s culture.
About Papa John’s
Headquartered in Louisville, Kentucky, Papa John's
International, Inc. (NASDAQ: PZZA) is the world's third-largest
pizza delivery company. For 16 of the past 18 years, consumers have
rated Papa John's No. 1 in customer satisfaction among all national
pizza chains in the American Customer Satisfaction Index (ACSI).
For more information about the company or to order pizza online,
visit Papa John's at www.papajohns.com. Looking to be a part of
something Better? Join the Papa John’s Pizza family at
www.papajohns.com/franchise.
For more information about the company, please visit
www.papajohns.com
Forward-Looking Statements
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company communications constitute forward-looking statements within
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words such as "expect," "intend," "estimate," "believe,"
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differ materially from those matters expressed or implied in such
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version on businesswire.com: https://www.businesswire.com/news/home/20180715005047/en/
Papa John’s International, Inc.Investor Contact:Joe
Smith, 502-261-4593Chief Financial OfficerorMedia
Contact:Peter Collins,
502-261-4233Peter_Collins@papajohns.com
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