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Papa John's founder John Schnatter resigns as chairman after apologizing for N-word comment,...

• https://www.cnbc.com by Sarah Whitten

•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.

Papa John's founder John Schnatter has resigned as chairman of the board after admitting and apologizing for using the N-word during a May conference call.

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.

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