Is this the final curtain on the months-long Papa John’s drama? Early takes on today’s news that founder and ex-CEO John Schnatter struck a settlement deal with the pizza chain read as though a truce had finally been called.
On paper, there’s no reason to doubt that. The company said in a filing on Tuesday that it would cooperate with Schnatter to find a mutually acceptable independent director who is not affiliated with Schnatter or hedge fund Starboard Value LP, which invested $200 million for a nearly 10% stake last month. Schnatter also agreed to drop two lawsuits against the company, which he famously founded in a closet in 1984.
https://www.forbes.com/sites/aliciakelso/2019/03/05/schnatters-board-resignation-doesnt-automatically-mean-smooth-sailing-for-papa-johns/?