[NYPOST] Papa John’s International has reached a settlement agreement with its founder, John Schnatter, a filing on Tuesday showed, signaling an end to the acrimonious battle between the pizza chain and its former chairman.The company said it would cooperate with Schnatter to identify a mutually acceptable independent director, who would not be affiliated with hedge fund Starboard Value LP or Schnatter.
Early last month, Papa John’s snubbed Schnatter and accepted an investment of up to $250 million from Starboard value LP in return for a nearly 10 percent stake, while naming the hedge fund’s chief executive officer Jeffrey Smith as its chairman.
Schnatter, who owns about 30 percent of the company’s share, would resign from the board, if the independent director is appointed before the 2019 annual stockholder meeting, Papa John’s said.
Meanwhile, Schnatter has agreed to dismiss two lawsuits: one against the company in the Delaware Chancery Court without prejudice and one in Jefferson County, Kentucky, related to a sublease agreement with prejudice, the company said.