Papa John's International, Inc. (NASDAQ:PZZA) announced that Shaquille O'Neal will not seek re-election to its board of directors at the upcoming 2024 annual meeting of stockholders. The former NBA star's decision was communicated to the board on February 22, 2024. O'Neal, who has been a member of the board for five years, will see his term conclude at the annual meeting.
Despite his departure from the board, O'Neal will maintain his ties with the pizza chain through his continued role as a brand ambassador. This is in accordance with the existing endorsement agreement between Papa John's, Papa John's Marketing Fund, and ABG-Shaq, LLC.
Moreover, he will keep operating his nine Papa John's franchise locations, which are part of a joint venture with the Shaquille O'Neal Revocable Trust.
Papa John's acknowledged O'Neal's contributions to the company during his tenure on the board. However, the press release did not specify the reasons for his decision not to stand for re-election or who might succeed him on the board.
O'Neal's involvement with Papa John's began during a period when the company was striving to improve its public image and sales. His high-profile endorsement and board membership were seen as part of a broader strategy to revitalize the brand.
The information reported is based on a statement from a press release. Papa John's has not provided further details on the future composition of its board or on any potential changes to its marketing strategies following O'Neal's departure from the board. The company's stockholders are expected to receive more information at the annual meeting when O'Neal's term officially ends.
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