O'Neal, the NBA Hall-of-Famer, will join the board of Papa John. O'Neal will also invest in Atlanta's nine branches of Papa John's and become brand ambassador in advertising. The company will pay O'Neal over three years $ 8.25 million for the acquisition of the purchase price, it said in an authorization process.
"Shaquille has an excellent entrepreneurial background, also as a restaurant franchise owner, and is a creative marketer." said Jeff Smith, Chairman of the Board of Directors of Papa John.
O & Neal has experience in the grocery business. He owns a Krispy Kreme donut franchise in Atlanta, a fast roast chicken from Big Chicken Las Vegas and Shaquille's Los Angeles restaurant.
Papa John & # 39; s distanced himself with an advertising campaign and an internal examination of diversity and inclusion techniques from his dishonored founder and former pitchman. Schnatter fought back with violent attacks. He described current CEO Steve Ritchie as the wrong man for the job and said he had helped with harassment and intimidation to create a poisonous culture.
"Daddy John's building a better culture, and I want to participate in improving [company] from the inside," said O'Neal in a statement.
Dad John & # 39; s share rose 5% over the announcement.
– Danielle Wiener-Bronner of CNN Business contributed to this article.