Papa John's Stock Soars After Founder Resigns For Using N-Word

Papa John Schnatter- The Founder CEO & President of Papa John's Pizza

Papa John Schnatter- The Founder CEO & President of Papa John's Pizza

U.S. Sen. Mitch McConnell says he would remove Papa John's name from the University of Louisville's football stadium if he "had the ability to do that".

In a radio interview with WHAS in Louisville on Friday, Schnatter said he was "just talking the way that the Colonel talked".

The slur occurred during a media training conference call in May between top staff at Papa John's and a marketing agency called Laundry Service.

"Regardless of the context, I apologise", the statement said.

In Indiana, the city of Jeffersonville where Schnatter began his pizza business also removed his name from a historic gym, according to The News and Tribune.

"Mr. Schnatter's derogatory and insensitive comments are not at all reflective of the value of our organization", the Marlins statement said. She spoke with Schnatter and said he supported the removal of the names. The Charles Koch Foundation contributed $4 million to help start the center.

In addition, Schnatter will keep his shares in the company and remain the largest shareholder with 30 percent of the pizza chain's stock.

It was also announced on Friday that the image of founder John Schnatter, the face of the company in logos and TV ads, would be pulled from the company's marketing.

A person inside the company with knowledge of the decision said they were unaware of plans to change the chain's name.

"By taking this action, we renew our community's commitment to speaking up when it matters, doing what is right and coming together as one team - our Cardinal family - to heal and move forward", Bendapudi said.

Pizza Hut replaced Papa John's as the NFL's official pizza sponsor earlier this year.

Schnatter's controversial comment came during a role-playing exercise during a May conference call, which itself was organized in the wake of his comments concerning the NFL, and placing blame on the league's national anthem protests for the company's sales, Forbes reported. He resigned as CEO soon after. Schnatter owns almost 30%of the stock.

The AP first reported Papa John's plans. The Miami Marlins, meanwhile, announced they would be closing the Papa John's concession stand at their stadium.

Fallout from the incident is having local repercussions as well. By Thursday, the mayor had said he had given back $400,000 that Schnatter had donated for the gym's renovation.

Schnatter then resigned as chairman of the company and from his seat on the University of Louisville's governing board. "It's not for sale", Moore said.

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