*Shaquille O’Neal has been approved for reelection to Papa John’s board of directors despite calls from shareholders for his removal .
The NBA icon joined the board last June, and reportedly secured $8.5 million in cash and stock options in the deal. The four-time NBA champ also invested in nine Papa John’s franchise restaurants in Atlanta.
Shaq was tapped to rehab the company’s image following the controversy surrounding founder John Schnatter’s use of the N-word during a diversity-themed conference call. But shareholders wanted him removed from the board due to his lack of involvement.
Via bloomberg.com:
O’Neal, attended less than 75% of the pizza company’s board and committee meetings over the last year, investment adviser Institutional Shareholder Services said in a Thursday report. Because of that record, ISS is asking investors vote against his re-election at the scheduled April 23 annual meeting — the only such recommendation among members of that board.
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Shaq’s busy schedule has apparently limited his attendance at several board meetings. His business and broadcasting commitments “made prior to his appointment to the board, couldn’t be rescheduled, the company said in a proxy filing ahead of the annual meeting,” per bloomberg.com.
The outlet also notes that Shaq’s scheduling conflicts “are not expected to recur in 2020, Papa John’s said in the filing.”
“Given that O’Neal’s poor attendance occurred during the year he was appointed to the board, support for O’Neal’s reelection is now considered warranted,” ISS said in the revised report on Tuesday.
O’Neil previously slammed Schnatter’s claim that his famous pizza recipe has been changed since his ouster from the company.
“I’ve had over 40 pizzas in the last 30 days, and it’s not the same pizza, it’s not the same product,” Schnatter told WDRB. Both O’Neal and Papa John’s CEO Rob Lynch denied his claim that the recipe has changed.
“Never. There is no change,” O’Neal said. “Sometimes people don’t know when to keep their mouths shut,” he added in response to Schnatter’s accusations.
“I’m not going to go back and forth with this guy. It doesn’t matter what he has said about me. I don’t care. I’m on a mission to make [Papa John’s] the No. 1 brand,” said Shaq.
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