Papa John's founder explores pizza chain stake sale
John Schnatter, founder and chief executive of Papa John's Pizza, arrives at the 2011 American Music Awards in Los Angeles November 20, 2011. REUTERS/Danny Moloshok/File PhotoJohn Schnatter, founder and chief executive of Papa John's Pizza, arrives at the
Papa John International Inc’s founder John Schnatter is in talks with financial advisers for a possible sale of his stake in the company, a regulatory filing showed on Monday.
Schnatter, who owns about 31 percent of Papa John’s, stepped down from the company’s board last month, as part of a settlement resolving a bitter dispute for control of the world’s third-largest pizza chain.
The company has been working to fix its brand image after Schnatter reportedly used a racial slur on a media training conference call last year.
As part of the recovery, Papa John’s named former basketball star Shaquille O’Neal as a board member, brand ambassador and investor in March.