On December 3, 2008, the Board of Directors (the “Board”) of Papa John’s International, Inc. (the “Company”) elected John H. Schnatter, 47, to the office of interim Chief Executive Officer of the Company, effective December 4, 2008. Mr. Schnatter succeeds Nigel Travis, who served as Papa John’s President and Chief Executive Officer and a member of the Board since 2005. Mr. Travis is leaving the company to pursue another opportunity. Mr. Travis resigned as a member of the Board on December 4, 2008. The Company and Mr. Travis are finalizing the terms of his severance arrangements, which will be disclosed in a report on Form 8-K once agreed upon. On December 3, 2008, the Board also designated a Board search committee comprised of William M. Street, who will serve as chair, Alexander W. Smith, Olivia F. Kirtley, Norborne P. Cole, Jr. and Mr. Schnatter, to undertake a search for a permanent Chief Executive Officer. Mr. Schnatter created the Papa John's concept and founded the Company in 1985. He served as Chairman of the Board and Chief Executive Officer from 1990 until April 2005, and as President from 1985 to 1990 and from 2001 until April 2005. From April 2005 until May 2007 he served as Executive Chairman of the Company, an executive officer position. In May 2007, Mr. Schnatter assumed non-executive officer status with the Company, continuing to chair the Board as Founder Chairman. The terms of Mr. Schnatter’s compensation for his service as interim Chief Executive Officer are being considered by the Board’s Compensation Committee, and will be disclosed in a report on Form 8-K once finalized. |