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Foreign Invaders crisis cost $150B in 2023, forcing some areas to cut police and fire services: report Israel kills head of Hezbollah Intelligence. Status: Not Logged In; Sign In United States News See other United States News Articles 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: 9190 Comments: 63 Papa John's founder and executive chairman John Schnatter resigned Wednesday following a public apology for using a racial slur on a conference call in May.  The pizza stock surged more than 10% Thursday, erasing some of its heavy losses from Wednesday. Follow Papa John's stock price in real-time here.  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 Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 14. #1. To: Deckard (#0) Let's monitor and publicize ALL "minoritah" owners for historical quotes of "Whitey" or "Honky" then have THEIR quote become headline news...then THEIR business TRASHED. (OH WAIT. This select censorship and lynching is a one-way street, right?) Punishment of white business people. Male at that -- and REPARATIONS via PC BS. Liberator  posted on  2018-07-12   11:38:35 ET  Reply   Untrace   Trace   Private Reply   #4. To: Liberator (#1) Punishment of white business people. I'm not sure if he resigned or was "forced" to resign. It's his company - he started it. Why should he have to resign either way. Don't know if the stock went up be cause the PC loons got rid of that "vile racist" or because conservatives are showing their support by buying the stocks. Deckard  posted on  2018-07-12   11:56:27 ET  Reply   Untrace   Trace   Private Reply   #6. To: Deckard, Everybody (#4) (Edited) I'm not sure if he resigned or was "forced" to resign. Why should he have to resign either way. In either case, it was far past time for him to go. Don't know if the stock went up be cause the PC loons got rid of that "vile racist" or because conservatives are showing their support by buying the stocks. Neither. The stock jumped today because he got his ass out of the way so someone competent can now take over the business and get it back on solid ground. His business was going to Hell in a handbasket. The stock (PZZA) is down 36.93% over the last 3-years, down 29.78% for the last 52-weeks and down 11.72% for the last 3-months. You will need to do a “refresh” after clicking on: Poppa John’s (PZZA) performance. No matter how talented a businessman your are, or what you have accomplished, there are just certain words and phrases that if you use them, they will instantly change the way some people see you, will forever cast you in a bad light and BLOW your business to kingdom come.. These words and phrases are so LOADED with really negative implications and they undermine can your business in short order. Papa John's Founder Accidentally Offers a Crucial Leadership Lesson in How Not to Behave. If you can't stop yourself from saying something stupid, keep your mouth shut. Papa John's Founder Accidentally Offers a Crucial Leadership Lesson in How Not to Behave If you can't stop yourself from saying something stupid, keep your mouth shut. Schnatter is hardly a newcomer to controversy, whether it's remarks about health care for employees or blaming NFL players' taking a knee as a protest against racism for a bad company quarter in 2017. In a May call between Papa John's management team and a marketing agency called Laundry Service -- which became the pizza company's creative agency of record last October -- someone asked Schnatter how he could deal with online racist groups as a continued impact of the 2017 statement. He responded by downplaying the significance of his NFL statement. "Colonel Sanders called blacks n-----s," Schnatter allegedly said, before complaining that Sanders never faced public backlash. Laundry Service has a diverse leadership, as seen on the firm's team page. Schnatter then talked about growing up in Indiana and incidents of racists dragging African Americans behind trucks until the victims died. Apparently, the intent was to show his disapproval of racism, but according to Forbes, multiple people at the agency were offended. The firm's owner, Wasserman Media Group, reportedly moved to terminate the contract with Papa John's and, as a result, took a financial hit that sparked a 10 percent workforce layoff. (The agency declined to comment when I asked.) Papa John's sent Forbes a statement this morning that didn't dispute the reporting. Instead, it said, "Papa John's condemns racism and any insensitive language, no matter the situation or setting. ... We take great pride in the diversity of the Papa John's family, though diversity and inclusion is an area we will continue to strive to do better." According to the story, Papa John's has been trying to keep Schnatter in a low profile and out of company ads. Ultimately, Schnatter supposedly pushed CMO Brandon Rhoten out of the company. Racism is ugly in any context. Unfortunately, like other forms of bigotry, it's been all too easy to be brought up with influences that can become unconscious attitudes. When you run a business, however, unconscious attitudes aren't an excuse, even when they're an issue of employees' and not official company practices. Just look at what Starbucks has faced over the past few months. If companies are on the hood for their employees, they are even more so when it comes to management, like a company's founder and chairman. Allowing any attitudes of bigotry to have free rein is a problem. But there are certain things that should be absolutely impossible. There are words you don't get to use if you're not African American, just as there are terms you don't get to use if you're not Jewish, Italian American, Native American, Asian, Hispanic, or any other group that has been marginalized. You don't get to decide that there is a situation in which you can use them if you aren't part of the groups in question. Netflix had an issue with its chief communications officer's using the n-word in front of colleagues on multiple occasions. CEO Reed Hastings wrote about it and his own failings in addressing the problem earlier: As I reflect on this, at this first incident, I should have done more to use it as a learning moment for everyone at Netflix about how painful and ugly that word is, and that it should not be used. I realize that my privilege has made me intellectualize or otherwise minimize race issues like this. I need to set a better example by learning and listening more so I can be the leader we need. John Schnatter overstepped important bounds. He's lost an important marketing relationship for the company. Words, even when small, have power. As an entrepreneur, be careful of the ones you use and where you use them. https://www.inc.com/erik-sherman/racist-comment-shows-papa-johns-founder- doesnt-know-when-to-stop-talking.html It's his company - he started it. It was his company....he almost destroyed it. Gatlin  posted on  2018-07-12   13:29:11 ET  Reply   Untrace   Trace   Private Reply   #7. To: Comrade Gatlin, Deckard, ALL (#6) (Edited) Gatlin: "It was his company....he almost destroyed it". No, yours is a FAKE NARRATIVE. Not surprising. Because you aren't close to being an actual REAL conservative. Instead you consistently support the Brownshirt tactics of Fascism, the anti-USA ACLU, and Totalitarianism/Communism. AS IN THIS CASE. If you can't stop yourself from saying something stupid, keep your mouth shut. Notice the blatant warning BY THE LEFT (in their own words) by their MSM Smear Machine? Expose and criticize the Left's Fake Outrages and Lies and Papa John's case is what is threatened. WHAT HAPPENED: A well-organized PC campaign was immediately launched to target John Schnatter to smear, punish, and personally destroy him. WHY?? (and ONLY a Tool of the Left would tell us that it was because of "racism" and "bigotry".) Ostracizing, smears, and killing so large a business as Papa John's was intended as a cautionary tale by the Left. The same techniques and politics of personal destruction are being used as we've seen by those associated with Donald Trump. High-profile very recognizable public personalities are being warned NOT to expose the Left's influence in high places. How the Left did this and why should be chilling to ALL Americans. So...Precisely and ONLY BECAUSE JOHN SCHNATTER TOLD THE TRUTH AND EXPOSED THE LEFT'S AGENDA -- specifically the BLM-NFL collusion to weaponize the NFL as a political sledgehammer to demonize Whitey, cops, and this Fake Outrage over "racism" -- Papa John's Pizza was set afire, destroyed. Exposing the Truth and Agenda of the Left ALWAYS cause The Left to mobilize every weapon they have at their disposal. Schnatter instantly became an ENEMY of the Left, the ACLU, and of their agenda to create CW2. Liberator  posted on  2018-07-12   14:05:39 ET  Reply   Untrace   Trace   Private Reply   #14. To: Liberator, Everybody (#7) I see nothing in your rambling post worthy of my commentary. The article below says essentially the same thing I said, or tried to say. Analysts and brand specialists watching the implosion surrounding Papa John's John Schnatter say the pizza chain's fortunes may take a turn for the better without the founder in the mix. Schnatter's hasty departure as chairman provides an opportunity for the Louisville- based company to chart a new course, unshackled from the bonds of a soured relationship with its creator, analysts said. The markets seemed to agree with that assessment. The company lost $96 million in market value Wednesday, with shares falling to a 52-week low of $48.33, after Forbes reported Wednesday that Schnatter made a racial slur – the N-word – during a conference call aimed at helping him avoid public relations blunders. Schnatter apologized, resigned from the University of Louisville Board of Trustees and from his company's chairmanship. On Thursday investors flocked back to the company, with shares closing at $53.67 – nearly $3 higher than before the devastating Forbes story broke. https://www.usatoday.com/story/money/business/2018/07/12/analysts -papa-johns-better-off-its-founder-out-door/780540002/ Gatlin  posted on  2018-07-12   17:58:55 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 14.         There are no replies to Comment # 14. End Trace Mode for Comment # 14. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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