Papa John’s Jumps Midday as Shaq Joins Board
Published Mar 22, 2019 11:04AM ET
Investing.com - Shares of pizza company Papa John’s rose Friday after the company snagged Shaquille O’Neal as its next ambassador in the hope of increasing sales.
The NBA Hall-of-Famer, known for crashing the boards on the court, is joining Papa John’s board of directors and will become a brand ambassador in a $8.25 million endorsement deal, the company said.
"Everyone loves pizza, pizza loves everyone," O'Neal said, appearing on CNBC.
"Shaquille has an excellent entrepreneurial background, including as a restaurant franchise owner, and is a natural creative marketer," Jeff Smith, chairman of Papa John's board of directors, said in a press release.
O’Neil already owns a number of restaurants in major cities across the U.S.
The pizza chain has been struggling to increase sales in recent quarters, after consumer backlash. Former CEO John Schnatter criticized the NFL for how it handled player protests in October 2017 and then resigned in July 2018 after apologizing for using a racial slur during a conference call.
Shares of Papa John's International (NASDAQ:PZZA) jumped 4% after the announcement.
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Written By: Investing.com
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