Papa John's founder John Schnatter continuously put his fellow board members of the pizza chain in awkward spots by fighting for control of the company. On Tuesday, he finally appeared to be letting go.
According to a Wall Street Journal report, Schnatter, has "agreed to leave the pizza chain's board in exchange for helping name his replacement. He also agreed to withdraw a lawsuit in a Delaware court where he claimed the company failed to disclose documents he requested after resigning as chairman."
Corporate governance experts see this as a victory for the company and shareholders, and give kudos to the board's actions.
"It took a strong will" from the board to settle this issue "and move the company forward," says Timothy Hubbard, assistant professor of...