Shaq Is Investing in 9 Papa John's Locations and Joining the Pizza Chain's Board The NBA Hall of Famer will also become a brand ambassador for the pizza chain.

By Jonathan Garber

This story originally appeared on Business Insider

Mark J. Terrill/AP via BI

The NBA Hall of Famer Shaquille O'Neal is joining the Papa John's board of directors and is investing in nine locations in the Atlanta area, the company said Friday. He will also become a brand ambassador for the pizza chain.

"We are thrilled to partner with Shaquille and welcome him to the Papa John's board," Jeff Smith, the Papa John's chairman, said in the press release. "Shaquille has an excellent entrepreneurial background, including as a restaurant franchise owner, and is a natural creative marketer."

O'Neal is no stranger to the restaurant business. He owns a Krispy Kreme Doughnuts franchise in the Atlanta area and has previously owned 27 Five Guys Burgers and Fries locations, the press release said. He also owns a fast-casual fried-chicken restaurant in Las Vegas and a fine-dining restaurant in Los Angeles.

Friday's announcement comes amid a shake-up at the pizza chain. In February, the hedge fund Starboard Value invested $200 million in the company and named its chairman as CEO. A month later, Papa John's settled its dispute with its founder, John Schnatter, who agreed to drop a lawsuit and resign as an independent director. Schnatter still owns about 30% of the chain.

Papa John's is seeking to reshape its image after Schnatter's exit from the company's operations. In December 2017, Schnatter stepped down as CEO after facing backlash for his criticism of NFL national-anthem protests. Then, last July, he stepped down as chairman after admitting to using a racial slur on a company conference call. In its most recent earnings report, Papa John's said it spent millions of dollars on "reimaging costs" at the end of last year.

Papa John's was up almost 18% this year through Thursday, trading near $47 a share.

Wavy Line

Editor's Pick

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.
Lock
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Lock
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Lock
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

'All Hell Is Going to Break Loose': Barbara Corcoran Issues Warning About Real Estate Market, Interest Rates

The "Shark Tank" star appeared on FOX Business' "The Claman Countdown" this week.

Growing a Business

Entrepreneur+ Subscribers-Only Call | June 8: Discover How These 2 Founders Turned Their Side Hustle into a Million-Dollar Lifestyle Brand

Learn how you can transform your personal brand into a thriving business empire with co-founders of The Skinny Confidential

Business Plans

How to Change Careers: A Step-by-Step Guide

Want to make a career change without compromising your finances or future? Check out this step-by-step guide on how to change careers to learn more.

Branding

How I Made Money From My Book Without Selling a Single Copy

Did you know you can make money with a book without selling copies? Here's exactly how I did it.