March 5, 2019 / 11:27 AM / 6 months ago

Papa John's reaches settlement agreement with founder Schnatter

March 5 (Reuters) - 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 has agreed to co-operate with Schnatter, who owns about 30 percent of its shares, to identify a mutually acceptable independent director.

Schnatter would resign from the board after the appointment of an independent director. (Reporting by Soundarya J in Bengaluru; Editing by Arun Koyyur)

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