Papa Johns founder John Schnatter

WDRB file photo.

LOUISVILLE, Ky. (AP) — Papa John's has reached a settlement agreement with founder John Schnatter that will see him step down from the pizza chain's board once an independent director he's approved replaces him.

If a new director isn't named prior to Papa John's 2019 annual shareholders meeting, Schnatter's term will expire at the meeting.

Schnatter will also withdraw a lawsuit in which he accused the company of not giving him information he wanted after he resigned as chairman.

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