NEW YORK — 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 racist slur throughout a convention name in Might.
READ MORE: Papa John’s founder steps down as CEO after criticizing NFL anthem protest
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 a press release launched by Louisville, Kentucky-based Papa John’s, Schnatter stated experiences attributing use of “inappropriate and hurtful” language to him had been true.
WATCH: Papa John’s founder steps down as CEO after criticizing NFL anthem protest
“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.
WATCH: NFL points strict anthem coverage after years of kneeling protests
Schnatter stepped down as CEO final 12 months after blaming slowing gross sales progress on the outcry surrounding soccer gamers kneeling throughout the nationwide anthem. He stays 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 per cent Wednesday after the report, closing at $48.33.