Schnatter has solicited the advice of financial advisors about selling all or part of his 31% stake in the pizza chain, according to an SEC filing from Monday.
Papa John's will report its first-quarter results after the bell Tuesday. Wall Street is expecting the company to report earnings of 24 cents per share and revenue of $385.5 million, according to a survey of analysts by Refinitiv. The company is also expected to report declining same-store sales growth once again.
Ten months ago, the pizza chain ousted Schnatter as chairman after it was reported that he used a racial slur on a conference call. Sales tumbled, and Papa John's has struggled to recover. At the same time, Schnatter filed several lawsuits against the company he founded in a bid to regain control but agreed to dismiss them as part of a settlement with Papa John's.
Under the terms of his settlement with the pizza chain, Schnatter's term as a director expired on April 30, and he did not seek reelection. The company has also terminated his contractual rights as its founder under the founder's agreement, the filing said. As a result, he no longer has a formal role within the company.
Schnatter and Papa John's have discussed appointing a new independent director but have not made a decision yet, according to the filing.
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