Papa John's Founder Schnatter Resigns as Chairman After Using Racial Slur

Papa John's Founder Schnatter Resigns as Chairman After Using Racial Slur

Papa John's Founder Schnatter Resigns as Chairman After Using Racial Slur

However, Jeffersonville's mayor saw to it Wednesday that Schnatter's name was removed from Nachand Fieldhouse, even though he said that representatives of the pizza entrepreneur told him he could "expect some litigation to come my way" over the decision.

Schnatter said in a statement that the reports were true, calling the language he used "inappropriate and hurtful". "Simply stated, racism has no place in our society", he said in a statement, per CNN Money.

U of L board of trustees chairman J. David Grissom disclosed Schnatter's resignation from the university's governing board in a statement.

'No member of the board of trustees condones racism or insensitive language regardless of the setting.

Papa John's was founded by Mr Schnatter in 1984 and he is the largest shareholder, possessing 29 percent of the company. In the call, Schnatter sought to downplay his earlier remarks about the NFL's protests, led by African American players, allegedly saying that "Colonel Sanders called blacks n******", and never faced a public rebuke.

Papa John's same-store sales have plunged in recent quarters amid tough competition from rivals Domino's and Pizza Hut, which have experienced success by emphasizing online sales.

Follow Papa John's stock price in real-time here.

Incident comes on the heels of Schnatter's 2017 criticism of the NFL's national anthem protests.

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He also allegedly stated that, in his home state of in, "people used to drag African-Americans from trucks until they died", reportedly intending for the sentiment to convey his opposition to racism.

It's unclear if Schnatter will face discipline for his remarks.

Pizza Hut replaced Papa John's as the NFL's official pizza sponsor last February. Laundry Service has since terminated its contract with Papa John's, according to Forbes.

The company that once generated an annual revenue of over $1.7 billion took a hit following the National Football League controversy - Papa John's stock plummeted 11% soon after an earnings call that addressed the scandal, according to Forbes.

CNBC reported that Papa John's fell to a "new 12-month low" as a result, to $47.80 per share, in intraday trading on Wednesday. However, Schnatter remained the chairman of the company's board.

The conference call was between Papa John's senior staff and Laundry Service, a marketing agency.

Schnatter remains prominently linked to the school through Papa John's Cardinal Stadium.

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