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.
After learning that Papa John's would not nominate him to its board this year, Schnatter last Friday submitted a letter nominating himself, according to a regulatory filing and a person familiar with the matter.
Struggling pizza chain Papa John's worldwide has reached an agreement with ousted founder John Schnatter, who agreed to step down from the company's board in exchange for helping pick his replacement.
Papa John's has just charted a path forward without Papa John.
Schnatter had filed several lawsuits against the company in a bid to regain control.
He also said the company has agreed to drop a requirement that Starboard Value vote its shares in favor of Papa John's own board nominees. He resigned as chairman of the company on July 11 after he admitted to using a racial slur during a company conference call in May.
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The restaurant chain agreed to remove a provision of a poison pill, a stockholder rights plan that can dilute shares, preventing Schnatter from speaking with other shareholders about the company. Now "we can all focus on the company's business without the need for additional litigation", he said. The poison pill was created to keep shareholders, seemingly Schnatter, from taking control of the company by acquiring shares on the open market. The company apologized for the comments, and announced in December 2017 that Schnatter would step down as CEO. Papa John's brought Starboard on board in part to help engineer its turnaround efforts.
In return, Schnatter will withdraw two lawsuits against Papa John's.
Papa John's wants to have the new board member in place before its 2019 annual shareholders meeting.
Papa John's same-store sales plunged past year, leading operators to close stores and forcing the company to take the Starboard investment so it could pay down debt and invest in sales-building strategies.
Papa John's North American same-store sales dropped 7 per cent in 2018 and were flat in 2017.
Its shares were up about 3 per cent in morning trade on Tuesday.