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CNBC- Papa John’s founder John Schnatter has resigned as chairman of the board after admitting and apologizing for using the N-word during a May conference call.

Shares of the pizza chain were up more than 5.2 percent in premarket trading Thursday — recovering all of the $96.2 million in market value the company lost after Schnatter’s comments were reported by Forbes the day before.

Papa John’s said in a statement late Wednesday night that it will appoint a new chairman in the coming weeks. Olivia Kirtley, the board’s lead independent director, will run the board until a permanent replacement is found, it added.

News of Schnatter’s resignation came shortly after Major League Baseball indefinitely suspended its Papa Slam promotion — a campaign that both sides have collaborated on since 2016.

“News reports attributing the use of inappropriate and hurtful language to me during a media training session regarding race are true,” Schnatter said Wednesday in a statement released by Papa John’s. “Regardless of the context, I apologize. Simply stated, racism has no place in our society.”

Source: CNBC

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