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Papa John’s announced Friday that its newest board member is a familiar name: Shaquille O’Neal.
recently reached a settlement agreement with Schnatter. As part of the settlement, he would work with the company to find a mutually acceptable independent director not affiliated with himself or Starboard Value, the activist hedge fund that recently invested in Papa John’s.
In addition to his background as a retired NBA player and analyst, O’Neal has been investing in restaurants since his days in the league. He owns a Krispy Kreme Doughnuts franchise in Atlanta, a Las Vegas fried chicken restaurant called Big Chicken and a Los Angeles fine dining restaurant called Shaquille’s. He previously owned 27 Five Guys franchises.
Papa John’s most recent additions to its board include Michael Dubin, CEO of Dollar Shave Club; Jocelyn Mangan, CEO of Him For Her and a former OpenTable executive; and Anthony Sanfilippo, former chief executive of Pinnacle Entertainment. O’Neal’s addition brings the number of directors to 12.
The pizza chain has been trying to stage a comeback, focusing its marketing messaging on its use of “better ingredients” and releasing six new pizza flavors.
Programming note: For more on O’Neal joining the board, watch CNBC’s interview with Papa John’s CEO Steve Ritchie and Starboard Value CEO and Papa John’s Chairman Jeff Smith at 10:10 a.m. ET.