Papa John’s has reached a settlement settlement with its founder John Schnatter, a submitting on Tuesday confirmed, signaling an end to the acrimonious battle between the pizza chain and its former chairman.
The agency said it’ll co-operate with Schnatter to decide a mutually acceptable independent director, who would not be affiliated to hedge fund Starboard Value or Schnatter.
Early closing month, Papa John’s snubbed Schnatter and accepted an funding of up to $250 million from Starboard in return for a just about 10 p.c stake, whereas naming the hedge fund’s Chief Executive Officer Jeffrey Smith as its chairman.
Schnatter, who owns about 30 p.c of the company’s share, would resign from the board, if the independent director is appointed sooner than the 2019 annual stockholder meeting, Papa John’s said.
Meanwhile, Schnatter has agreed to dismiss two lawsuits: one in the direction of the company inside the Delaware Chancery Court with out prejudice and one in Jefferson County, Kentucky, related to a sublease settlement with prejudice, the company said.