LOUISVILLE, Ky. (WDRB) – Papa John’s International founder John Schnatter has hired financial advisors to evaluate whether he should sell some or all of his 31 percent stake in the company, according to a securities document filed Monday.
Schnatter is considering liquidating his stake after he stepped down from the company's board of directors last week, marking the first time in the pizza chain’s 34-year history that Schnatter has no management or oversight role.
A public relations representative for Schnatter declined to comment on Tuesday.
The company will report its earnings for the first quarter of 2019 at 4:30 pm on Tuesday, and analysts are looking for signs that sales are turning around under CEO Steve Ritchie, a former Schnatter protégé.
Schnatter became estranged from the company last year following a report in Forbes that he had used racist language during a private conference call with an agency conducting media training for executives.
Schnatter has previously disclosed in filings since his July 2018 ouster as the company’s chairman that he may take any number of actions to maximize his stake in the company.
But Monday’s filing is the first time Schnatter’s representatives have explicitly said he may sell his total stake.
“Mr. Schnatter has solicited the advice of financial advisors regarding a possible disposition of all or some of his Common Stock,” the filing says.
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