Papa John’s Founder Welcomes Hedge Fund Starboard

김동수 기자 / 기사승인 : 2019-08-15 10:11:34
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▲ [Photo source : Google]

[스페셜경제= Dongsu Kim] Papa John's founder, John Schnatter, accepts hedge fund Starboard Value LP's injection of funds in the pizza chain, according to the founder's lawyer, amid his filing of an updated lawsuit on Monday against the firm.

This month, Papa John's announced that Starboard invested up to $250 million in the international food company, along with its naming of the fund's chief executive, Jeff Smith, as its chairman. Smith will take over Schnatter's position, who was the firm's chairman until last summer.

According to Reuters, Schnatter stepped down in December 2017 following reports of him using a racial slur during a conference call—a decision that the former chairman said he regrets. He is still a member of Papa John's board of directors as he tries to take back more control of the pizza restaurant chain. But with the Starboard investment, the number of directors in the company jumped from six to nine; lowering his chances of obtaining his desired influence.

Garland Kelley, Schnatter’s attorney, said that the founder welcomes the remarks from Smith as well as the company in recent days. "Today’s amended lawsuit reflects support for Mr. Smith and his plans to invigorate the company for the benefit of all shareholders.” 

Filed under the seal in the Delaware Court of Chancery, the former chairman's revised lawsuit aims to retract a new provision of a voting deal between Papa John's and Starboard. The agreement is said to mandate the hedge fund to vote its company shares in favor of the pizza chain's preferred directors.

“Such a provision serves only one purpose, to further entrench the prior board, one that has repeatedly proven itself willing to place its own self-interest above that of shareholders,” Schnatter said. He also continues to criticize the "poison pill" that the company has adopted last year which, according to the founder, hinders him from formulating discussions regarding the restaurant chain with other shareholders.

파파존스 창업자 슈나터, 헤지 펀드 스타보드 밸류에 2억 5,000만 달러 투자한다

[스페셜경제= 김동수 기자] 파파존스 설립자 존 슈나터는 헤지 펀드 스타보드 밸류 LP의 피자 체인에 자금을 투입해 변화를 더했다.

또한 파파존스는 스타보드의 최고 경영자인 제프 스미스를 회장으로 지명하며 2억 5,000만 달러를 투자했다.

이는 피자 체인의 통제력을 강화하고, 영향력 및 활기를 불어 넣기 위함이다.

한편  파파존스는 NBA 스타 샤킬 오닐이 사외이사로 선임될 예정이라고 발표했다.

[저작권자ⓒ 스페셜경제. 무단전재-재배포 금지]

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