This story is developing. Please check back for updates.
Fallout has been quick for John Schnatter, founder of Papa John’s, after it was revealed Wednesday he used the N-word during a conference call in May.
Within hours of the report, he issued an apology for the remark. By the end of Wednesday, he’d left his position as chairman of the pizza company and resigned as a University of Louisville trustee.
Follow along as we track the scandal and its aftermath. Here’s the latest as of mid-afternoon Thursday:
The pizza titan’s fall comes after months of controversy, including an endorsement by white supremacists and an insinuation by Schnatter that the NFL mishandled protests around the national anthem.
5 a.m. Wednesday: Forbes publishes a story alleging Schnatter used the N-word during a May conference call that was meant to help him learn how to respond to questions about racial issues.
The initial story: After racial slur revealed, fall comes swiftly for Papa John Schnatter
10:30 a.m. Papa John’s releases a statement saying the company “condemns racism and any insensitive language, no matter the situation or setting.”
11 a.m. After opening at about $51 per share, the company stock hits a low, sliding below $48. After a minor rebound, Papa John’s market capitalization drops nearly $84 million on the day.
11:30 a.m. Social media comments begin to spread, some defending Schnatter but most decrying the remarks.
2 p.m. Schnatter issues a statement admitting to the remarks.
3:50 p.m.The NAACP’s Louisville branch calls on Schnatter to step down as a university trustee and or be removed. The Kentucky Democratic Party follows suit moments later.
4:30 p.m. The mayor of Schnatter’s hometown, Jefferson, Indiana, orders the name John H. Schnatter removed from the historic Nachand Fieldhouse. The facility had been renamed in Schnatter’s honor last year after he gave $800,000 toward its renovation.
4:54 p.m. Grissom announces that he’d spoken with Schnatter, who tendered his resignation, effective immediately.
11:45 p.m. Papa John’s International Inc. announced in a statement that Schnatter has resigned as chairman of the company. The company will appoint a new chairman in “in the coming weeks.”