Shaquille O’Neal was positioned to be the face of Papa John’s Pizza after the company spent $50 million to scrub founder Joe Schnatter‘s face from pizza boxes and delivery vans.
But now it seems O’Neal may get the pink slip for missing too many shareholder’s meetings.
O’Neal is pictured with Atlanta Mayor Keisha Lance Bottoms at the grand opening of his Papa John’s franchise store in Atlanta in August 2019.
Last year, O’Neal reportedly approached then-CEO Steve Ritchie and activist investor Jeff Smith and told them, “I would like to be involved, if I can be on the board and if I can purchase a couple franchises.”
Papa John’s signed O’Neal to a lucrative partnership last year that included nine franchises and a seat on the board.
O’Neal, who is in high demand as a product endorser, apparently took the money and ran — at least that’s what he’s being accused of by an advisory firm.
Institutional Shareholder Services, a corporate advisory firm, is encouraging Papa John’s to kick O’Neal off the board for missing 75% of shareholder meetings.
ISS wants the board members to vote to remove O’Neal at its April 23 shareholder’s meeting.
In its SEC filing, Papa John’s revealed every member attended at least 75% of meetings “except for Shaquille O’Neal,” who was unable to attend board meetings due to prior business commitments.
O’Neal also has sponsorship and endorsement deals with Ring, Steady, Forto Coffee Shots, Carnival Cruises, Icy Hot, Krispy Kreme, and National General Insurance, as well as a sports analyst gig with TNT.
