Papa John's Further Shuns Founder, Evicting Him From Offices

[CatWoman]

Papa John’s International Inc.’s board put further distance between the pizza chain and its outspoken founder John Schnatter for using a racial slur, agreeing to review all ties to him, evict him from the headquarters, and remove him from all marketing materials.

A committee of independent directors ordered the termination of a so-called founder’s agreement that designated Schnatter as the brand’s face and voice and is requesting he cease media appearances on behalf of the firm, the company said in a statement after a Sunday night board meeting. Though Schnatter resigned as chairman this month and no longer holds a formal management role, he remains on the board and still owns about 30 percent of the company’s shares.

The committee also told the company to terminate a sublease granting Schnatter the right to use office space at the headquarters in Louisville, Kentucky, according to the statement.

The board accepted Schnatter’s resignation as chairman July 11 and will appoint a new chairman in coming weeks. CEO Steve Ritchie had announced on Friday that Schnatter would “no longer be in any of the advertising or marketing materials associated with the brand.”

http://www.msn.com/en-us/money/companies/papa-johns-further-shuns-founder-evicting-him-from-offices/ar-AAA8ibT?ocid=ientp

[peekaloo]

1. Let's all take a knee in a moment of silence.

[Turbineguy]

2. He owns 30 percent.

They still work for him.

[dumbcat]

8. How do you figure that?

Not if the other 70% say otherwise.

[Tarc]

10. Um, math?

[aggiesal]

21. I agree, ...

Plus he's still making a ton of money.

Until he sells his 30% interested in Papa John's Lousy Pizza,
everyone should boycott the place.

Money is speech (not really), and he's shown to use it for republicans.

[CincyDem]

27. At 30%, he's a major shareholder but it usually takes 34% to actually "control" a company.

Most votes to do anything of substance take 2/3 of the voting stock so if you own 1/3 + a share, you can effectively block anything/everything. A lot of companies have been controlled from the 1/3+1 position. But at 30%, he's just a guy with an opinion.

The company can't do anything to force a shareholder to sell so he'll keep benefiting from any growth and/or business success, just like every other shareholder. But he'll be on the outside looking in. He can threaten to sell his shares and tank the market for the stock but that's a good as shooting himself in the foot.

His best approach financially is to just go away quietly, move to an isolated cabin in the forest and just collect his dividend checks. Best for all of us.

BTW - met the guy once on a trip to new york. He is every bit the asshat that people say he is. What a piece of work.

[SomethingNew]

30. 30% is not just a guy with an opinion.

And the percent of votes required to do something is not just a standard rule, it varies company to company and depends on what is being done. Most actions are taken by the board without asking the shareholders at all.

I would guess that 30% gets him a couple board seats at least, depending on how they do board votes.

[fleur-de-lisa]

3. LOL! Another racist mother fucker who must be shunned!

[Maraya1969]

4. Remember he is also the big game hunter too. I have not had their pizza in years because of

him. They should have fired him years ago because of his hunting practices.

[miss-nasty]

5. Not enough....

There's STILL Papa John's open for business! *PUKE*

[Johnny2X2X]

6. Good

This guy is a typical Rightwing coward in that he didn't even have the guts to fess up to what he said. He tried to play it off like he was participating in some role playing event for cultural awareness. When you read the text it's plainly clear he was just bitching about how he doesn't get to be as much of a racist as other CEOs had in the past.

[oberliner]

9. Do you have a link to the text of what he said?

[whopis01]

23. Here you go

https://www.forbes.com/sites/noahkirsch/2018/07/11/papa-johns-founder-john-schnatter-allegedly-used-n-word-on-conference-call/#1942e7374cfc

[roscoeroscoe]

7. Good strong moves

I bet they are tired of his act

[Iggo]

14. Nah, they're hemorrhaging money.

They didn't give two shits about his bigotry when the money was rolling in.

[Phentex]

28. You're right!

and it's always about the money. Damage control at this point.

[hunter]

11. Next step, replace his likeness with a cartoon character...

...maybe something like a Smurf or Keebler Elf... or Elmer Fudd.

[calimary]

12. Excellent image.

[Mopar151]

16. A kindly Papa Gepetto

who talks to his cartoon pizzas. "Don't be mean to those other Pizzas, because they don't have a hand- stretched crust. I just want you to be proud of your bubbly cheese, and make our customers happy!" Look - Schnatter is a world-class jerk, whose ego got the best of him. But the folks who work there still gotta eat and pay their bills.

Maybe im some sort of Pizza Phillistine - but their pizza is way better than Domino's, and Schnatter's an annoying pipsqueak compared to Tom Mongahan, the "superCatholic" founder of Domino's.

[hunter]

24. John Schnatter's politics and big mouth killed the Papa Johns franchise in our neighborhood...

... several years ago. Too bad Papa John boycotts didn't hurt Schnatter as much as our local franchise owner and his employees.

I didn't think their pizza was that bad, it was better than frozen and some other national chains.

Another regional pizza franchise has since opened a few steps away and it's doing good business.

[George II]

13. Their pizza sucks, I've had tastier cardboard.

[Mopar151]

17. What's your opinion of Domino's? n/t

[RainCaster]

20. Slightly less repulsive

[George II]

22. Domino's in reasonable, but still not the best. I should qualify this, I grew up in NYC!

[CCExile]

15. If he still owns 30%,

I would say they are protecting him from himself at this point.

[Pepsidog]

18. Get rid of him and find someone who knows how to make good Pizza

[catbyte]

19. Here's how sorry I feel for that asshole:

[IMG][/IMG]

[Iggo]

29. .

[TeamPooka]

25. If you buy their pizza Papa John still profits from it with a 30% stake in the company. I'll pass.

[muntrv]

26. I have shunned his cardboard with tomato sauce for years.