Papa John's founder John Schnatter to leave board of directors in settlement

Papa John's founder John Schnatter is leaving its board of directors as part of a settlement resolving a bitter dispute for control of the world's third-largest pizza chain. The company said in a regulatory filing on Tuesday it would cooperate with Schnatter to find a mutually acceptable independent director who would not be affiliated with Schnatter or hedge fund investor Starboard Value LP, which owns a nearly 10 percent stake in the restaurant chain.