Papa John’s founder John Schnatter has resigned as chairman of the board.
The corporate made the announcement late Wednesday, hours after Schnatter apologized for utilizing a racial slur throughout a convention name in Might.
Forbes stated Schnatter used the N-word throughout a media coaching train. When requested how he would distance himself from racist teams, Schnatter reportedly complained that Colonel Sanders by no means confronted a backlash for utilizing the phrase.
In an announcement launched by Louisville, Kentucky-based Papa John’s, Schnatter stated experiences attributing use of “inappropriate and hurtful” language to him had been true.
“Whatever the context, I apologize,” the assertion says.
The College of Louisville additionally stated Wednesday that Schnatter resigned from its board of trustees, efficient instantly.
Schnatter stepped down as CEO final 12 months after blaming slowing gross sales development on the outcry surrounding soccer gamers kneeling throughout the nationwide anthem. He remained chairman of the corporate he began when he turned a brush closet at his father’s bar right into a pizza spot.
Papa John’s shares fell practically 5 p.c Wednesday after the report, closing at $48.33.