Pizza Chain Papa John’s Founder John Schnatter Resigns After Using a Racial Slur

Papa John's says founder John Schnatter has resigned as chairman of the board.

The company made the announcement late Wednesday, hours after Schnatter apologized for using a racial slur during a conference call in May.

The apology comes after Forbes cited an anonymous source saying the pizza chain's marketing firm broke ties with the company afterward.

Forbes said Schnatter used the N-word during a media training exercise.