Papa John's Appoints a New Board Chair

Papa John’s has announced its new chairman of the board. Olivia Kirtley will assume the role previously held by chain founder John Schnatter, whose high-profile resignation came earlier this month after it was revealed that he used a racial slur in a conference call in May.

Kirtley previously served as the franchise’s lead independent director.

“The independent directors of the Papa John’s Board are committed to serving the best interests of the company, our shareholders and other stakeholders,” Kirtley said in a statement released by Papa John’s. “The establishment of the Board’s independent Special Committee and the ongoing cultural audit and investigation are among numerous steps underway to ensure that equity, inclusion, diversity and respect are upheld throughout the organization.”

As CNBC notes, Kirtley’s appointment comes after shares for Papa John’s hit a 12-month low on Friday.