Papa John’s International Inc.
said Thursday that Jefferey Smith, CEO of activist investor Starboard Value LP and chair of its own board has resigned effective March 1. The company named Christopher Coleman, who has been on the board since 2012, as his successor. The pizza chain also announced it has entered an agreement to buy back 2.2 million of its own shares owned by Starboard for $82.52 a share, or a 4% discount over the closing price on Wednesday.
said Thursday that Jefferey Smith, CEO of activist investor Starboard Value LP and chair of its own board has resigned effective March 1. The company named Christopher Coleman, who has been on the board since 2012, as his successor. The pizza chain also announced it has entered an agreement to buy back 2.2 million of its own shares owned by Starboard for $82.52 a share, or a 4% discount over the closing price on Wednesday.