•Schnatter apologized for using the N-word during a May conference call after Forbes magazine reported the incident.
•The stock surged Thursday morning, recouping Wednesday's losses — and then some.
Shares of the pizza chain surged 11 percent Thursday morning — recovering all of the $96.2 million, and then some, in market value the company lost after Schnatter's comments were reported by Forbes the day before.
Papa John's said in a statement late Wednesday night that it will appoint a new chairman in the coming weeks. Olivia Kirtley, the board's lead independent director, will run the board until a permanent replacement is found, it added.
News of Schnatter's resignation came shortly after Major League Baseball indefinitely suspended its Papa Slam promotion — a campaign that both sides have collaborated on since 2016.