Papa John's has reached a settlement agreement with its founder John Schnatter, a filing on Tuesday showed, signaling an end to the acrimonious battle between the pizza chain and its former chairman.
The company said it would co-operate with Schnatter to identify a mutually acceptable independent director, who would not be affiliated to hedge fund Starboard Value or Schnatter.
Early last month, Papa John's snubbed Schnatter and accepted an investment of up to $250 million from Starboard in return for a nearly 10 percent stake, while naming the hedge fund's Chief Executive Officer Jeffrey Smith as its chairman. Schnatter, who owns about 30 percent of the company's share, would resign from the board, if the independent director is appointed before the 2019 annual stockholder meeting, Papa John's said.
Meanwhile, Schnatter has agreed to dismiss two lawsuits: one against the company in the Delaware Chancery Court without prejudice and one in Jefferson County, Kentucky, related to a sublease agreement with prejudice, the company said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Papa John's stock rises despite earnings, revenue missPapa John's shares rose in extended trading after the company missed on earnings and revenue.
Read more »
Papa John's gives upbeat full-year forecast after rocky 2018, shares risePapa John's International Inc forecast better-than-feared North American sa...
Read more »
Here come Papa John's... (PZZA) | Markets InsiderPapa John's spent millions of dollars on 're-imaging costs' at the end of last year (PZZA)
Read more »
Stocks making the biggest moves after hours: Weight Watchers, Papa John's, Mylan and moreSee which stocks are posting big moves after the bell on February 26.
Read more »
Papa John's reports fifth straight quarter of declining salesCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
Read more »
John Bolton: North Korea summit was not a failurePresident Trump is “not desperate for a deal — not with North Korea, not with anybody — if it’s contrary to American national interests,” Bolton said on “Fox News Sunday.”
Read more »
Trump-Kim summit 'not a failure,' John Bolton insists, while acknowledging North Korea remains a threatNational Security Adviser John Bolton insisted President Donald Trump's Hanoi visit was somehow a 'success' despite acknowledging that no denuclearization agreement was made and North Korea remains a threat to global stability.
Read more »
Bolton defends outcome of Trump summit with North Korea“It was unquestionably a success for the United States because the president protected, defended American interests,” Bolton said on CNN’s “State of the Union.”
Read more »
Bolton defends Trump's comments about Kim Jong Un and Otto Warmbier'When he says I'm going to take him at his word, it doesn't mean that he accepted as reality; it means that he accepts that's what' Kim said,' Bolton said.
Read more »