LOUISVILLE Ky. The board of directors of Papa John's International has approved a request from founder and longtime chairman John Schnatter to change his status to "non-employee" and founder chairman. It was unclear how his duties as chairman would change as a result of the new designation.
Schnatter offered to serve without cash compensation, but would be compensated through stock-option grants.
The change in designation follows Schnatter's announcement several weeks ago of his investment in Calistoga Bakery Café, a Naples, Fla coffee-and-sandwich concept founded by co-owner Mark Bates. He told the Louisville Courier-Journal that he expects four new branches to open by the end of this year.
In today's announcement, Schnatter praised Nigel Travis, Papa John's president and chief executive, for his work during the past two years. Schnatter added that the time is right for him to step back somewhat from day-to-day operations. He plans to continue to be brand spokesman in company advertising.
