Schnatter will remain the pizza chain’s largest shareholder.
Papa John’s founder and former CEO John Schnatter said he has reached an agreement with the company in which he will step down from its board, according to a Restaurant Business report.
As part of the deal, Schnatter will drop his lawsuit against the company and find a “mutually acceptable independent director” to take his place on the board, according to the article.
“I founded Papa John’s, built it from the ground up and remain its largest shareholder,” Schnatter said in a statement, according to the article. “I care deeply about its employees, franchisees and investors and am thankful that I’ve been able to resolve these important issues, and that we can all focus on the company’s business without the need for additional litigation.”