Schnatter owns an estimated 30% of the pizza chain. It has suffered from dwindling same-store sales which the company attributed, in part, to issues involving Schnatter, who generated controversy over racially charged statements. He stepped down as CEO in 2017 and resigned as chairman in January.
In early February, it was reported that Starboard Value would make a $200 million investment in the company and the investment firm's CEO, Jeffrey Smith, would become chairman.
In March, Papa John's named basketball star Shaquille O'Neal as a board member, brand ambassador and investor.
Papa John's is scheduled to announce first-quarter earnings on Tuesday after the market close. Both earnings per share and revenue are expected to be lower year-over-year. Share closed 0.79% higher Monday at $53.48.
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