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Title: Papa John's is surging after founder John Schnatter resigns from board and apologizes for using a racial slur
Source:
Business Insider
URL Source: http://markets.businessinsider.com/ ... -racial-slur-2018-7-1027362411
Published: Jul 12, 2018
Author: Graham Rapier
Post Date: 2018-07-12 11:20:30 by Deckard
Keywords: None
Views: 9186
Comments: 63
Shares of Papa John's surged more than 10% Thursday morning following the resignation of founder and executive chairman John Schnatter, who on Wednesday apologized for using a racial slur on a May conference call with company executives and an outside marketing agency. "News reports attributing the use of inappropriate and hurtful language to me during a media training session regarding race are true," Schnatter said in a statement to Business Insider, alluding to Forbes' first reporting of the incident. "Regardless of the context, I apologize. Simply stated, racism has no place in our society." The Louisville, Kentucky-based pizza chain said in a press release that it would announce a new chairman in the coming weeks. "Our company was built on a foundation of mutual respect and acceptance," the company's apology said. "We take great pride in the diversity of the Papa John's family, though diversity and inclusion is an area where we will continue to strive to do better." Papa John's once generated annual revenue of more than $1.7 billion, but took a hit following the NFL controversy. Its stock plummeted 11% soon after an earnings call that addressed the scandal, according to Forbes. Schnatter resigned as CEO in January but remained on the board. Papa John's announced in late December that Schnatter would be stepping down as CEO and would be replaced by Steve Ritchie. However, Schnatter remained the chairman of the company's board. In March, Papa John's announced it had ended its sponsorship deal with the NFL after months of controversies and slumping sales. The next day, Pizza Hut announced that it was the new official pizza of the NFL. Schnatter has a history of making political statements that have sparked controversy. He came under fire in 2012 for saying the Affordable Care Act, the healthcare law better known as Obamacare, would be a "lose-lose" for Papa John's franchisees and employees. He has spoken out extensively against what he says is overregulation by the government. Papa Johns were down almost 14% this year through Wednesday
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Begin Trace Mode for Comment # 10.
#10. To: Deckard (#0)
(Edited)
All he did was repeat a quote. He wasn't calling anybody anything. BTW, other than that their pizza does suck.
#13. To: no gnu taxes (#10)
(Edited)
I haven't been in the habit of buying pizzas in years and never had a Papa John's; I like pizza too much to degrade myself with most of the crap out there. One or two local joints do it pretty well, but I've taught myself how to make pretty much all the major styles, culminating with the Neapolitans once I finally got a wood-burning thousand-degree oven. Pizza heaven when a beautiful Margherita Napolitana comes out perfect in about 90 seconds. (not one of mine, but I can make 'em like this; it's surprisingly difficult to get the hang of the recipe and techniques, but not too hard once you do)
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Replies to Comment # 10. BTW, other than that their pizza does suck.
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