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Papa John's' announcement of his resignation said that the company would be announcing a new chairman in coming weeks.

Schnatter admitted that the accusations were true and apologized for his actions in a separate statement to Forbes yesterday. "We want to make it clear to all of you that racism has no place at Papa John's", according to the memo obtained by Bloomberg News.

Schnatter also resigned from the University of Louisville's board of trustees.

J. David Grissom, the chairman of the board of trustees, said that he had spoken to Schnatter on Wednesday.

The comments resulted in the company issuing an immediate apology to anyone who found the remarks "divisive", while rival pizza firms said Schnatter should focus on his company's product rather than external factors.

Mr. Schnatter set off an uproar in November by blaming the National Football League - with which Papa John's had a sponsorship deal - for a slump in sales during a conference call with investors.

Per Forbes, Schnatter responded to a question about distancing himself from racist trolls by pointing out that "Colonel Sanders [of Kentucky Fried Chicken] called blacks n---s".

Schnatter also reportedly recounted his early life in IN, stating that African Americans were dragged behind trucks until they died. "We've got to own up and take the hit for our missteps and refocus on the constant pursuit of better that is the DNA of our brand". Schnatter stepped down as chief executive officer of Papa John's at the beginning of the year after a series of blunders.

Additionally, the marketing form that organized the call has ended their relationship with Papa John's due to the alleged remark.

John Schnatter, who in a simpler time was able to parade around as America's favorite pizza loving papa, is under fire for using the word "n****r" during a press conference about how to avoid bad PR. A company e-mail sent by CEO Steve Ritchie that was obtained by the business news outlet noted that "racism has no place at Papa John's". The fallout resulted in Schnatter resigning from his role as CEO in December.

Schnatter founded Papa John's in 1984.

On Wednesday, a Forbes report emerged alleging that Schnatter had used the slur during the May marketing call.


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