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Papa John’s founder John Schnatter has resigned from his position as chairman of the board after it being revealed that he admitted that he used the N-word during a conference call.

The shares for Papa John’s surged up 11% after the announcement of Schnatter resigning from the company after multiple issues with him and causing of PR crisis. Papa John’s released a statement that there will be a new chairman appointed in the coming weeks but in the meantime the board’s lead independent director will be running the board until an official announcement has been made for a replacement .