Papa John’s to hire 20,000 employees
FOX Business’ Susan Li talks about Papa John’s success in the midst of the coronavirus outbreak and how former NBA star Shaquille O’Neal might not stay on the company’s board because he reportedly missed too many meetings.
A major proxy firm is calling for Papa John’s shareholders to remove NBA superstar Shaquille O’Neal from the pizza company’s board of directors due to a poor attendance record at meetings in 2019.
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The firm, Institutional Shareholder Services, noted that O’Neal attended less than 75 percent of board meetings since joining Papa John’s roughly one year ago. Based on his attendance record, the firm advised shareholders in a note last week to vote against O’Neal’s re-confirmation as a member of the board when Papa John’s convenes its annual meeting on April 23.
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“A vote against Shaquille O'Neal is warranted for failing to attend at least 75 percent of his total board meetings held during the fiscal year under review without an acceptable reason for the absences,” ISS said in its report.
Papa John’s addressed O’Neal’s role at the company in a March 20 proxy statement, acknowledging that the four-time NBA champion was the only member of its board of directors to attend less than 75 percent of meetings. The company said his absences were “due to prior business and broadcasting commitments made prior to Mr. O’Neal’s appointment to the Board, which could not be rescheduled.”
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|PZZA||PAPA JOHNS INTL||49.59||-1.00||-1.98%|
In its proxy statement, Papa John’s noted that O’Neal's scheduling conflicts were not expected to recur in fiscal 2020. Papa John’s chairman Jeffrey Smith praised O’Neal’s contributions to the embattled pizza chain in a letter to shareholders.
“A significant milestone for Papa John’s is our partnership with Shaquille O’Neal, who has joined as a brand ambassador, franchisee, and member of our board of directors,” Smith wrote. “The positive impact across our franchise system and on our stakeholders has been remarkable.”
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O’Neal joined Papa John’s board of directors in March 2019. In addition to his role on the board, he invested in nine Papa John’s restaurants in the Atlanta area and signed an endorsement deal with the brand.
Papa John’s has sought to return to growth after a longtime public feud with company founder and former CEO John Schnatter contributed to a downturn in its business. Shares are down more than 20 percent so far this year.
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