Papa Needs a Brand New Bag: It’s week 10 now of the big Papa John’s story as the fallout continues.
Bloomberg reports JPMorgan, one of Papa John’s International’s largest shareholders, has “slashed” its stake in the company. JPMorgan reduced its shares from 5 percent of the company’s shares — the fourth largest investor — to 2.4 percent — now ranking 11th.
JPMorgan declined to comment on the reduction, but Bloomberg cites experts saying it can be easily summed up in one word: drama. The battle between the founder and former chair John Schnatter and the board and CEO of Papa John’s International has now eclipsed the incident which set off the battle in the first place.
Said BTIG LLC analyst Peter Saleh:
The public drama is terrible for investors. This is a company that now needs to be out of the spotlight and working on the back end to fix all the issues.
This is right in line with what experts were saying back in weeks two and three of this thing (which is why they’re experts, I imagine). They said if the two sides kept the war going, this would happen and happening, it is.
I’m getting emails from people seeking to understand just how it’s come to all this, and to be fair, the story has moved so far from where it started and now seems somewhat removed from where it all began.
So for those catching up, back in July, Forbes reported Mr. Schnatter previously used a racial slur during a training call. Mr. Schnatter said at the time he used the word to make a point against racism, but regardless of context, it was inappropriate and he immediately stepped down as chairman. The following week, he changed his mind and has been trying to stage a comeback as the company attempts to distance itself from its founder, who’s still the largest shareholder and remains on the board.
That’s the fast version. If you’re interested in more detail, you can start here at July 13 and work your way forward.
The other question I get is how I think it’s going to go on and I sure don’t know. I thought after the initial story broke, it would be a big deal for a week and there’d be some fallout for a couple of weeks as they set about rebuilding the company image. But that was predicated on Mr. Schnatter quietly stepping away as it appeared was happening the first week. But then it very much didn’t.
And going back to the experts, it’s hard to stop the bleeding if there are always new wounds to attend, so if the company’s going to make it — and with their HQ here and a major employer, Louisville kind of needs them to make it — the people at the top need to knock it off. Doesn’t look like they will, but the shenanigans doesn’t look like it’s helping anything or anybody.
With that in mind, here’s a special tip of the hat to everyone just trying to do their jobs from the drivers to upper leadership trying to hold the ceiling up while the sky is falling.
And here at the mighty “In Other News …” headquarters in scenic North Central Louisville, we’re always searching for the positive, so a couple of other Papa John’s related stories this week, minus the gloom:
First up, Pizza Marketplace says Papa John’s has a deal to aid the Wounded Warrior Project. Southeastern stores are running a special combo deal through November 12 — two two-topping pizzas and a two-liter for $22.22 — which automatically donates $2.22. This is the second year of the promotion.
A thunderstorm forced flight 2354 to land prematurely in Wichita Falls on its way to Dallas-Fort Worth from Los Angeles. It’s hard to feed 159 people on short notice, so Captain Jeff Raines and his crew ordered pizzas for all.
@AmericanAir Bad weather, holding, diverting AA now holds the biggest pizza @PapaJohns delivery order in Wichita Falls, TX when the Captain of #2354 took it upon himself to order 40 pizzas for the passengers after landing and the flight cancelled. He hand delivered them! pic.twitter.com/19S7NrpN73
— Joey Shankland (@jsraines10) September 7, 2018
Said Captain Raines on Facebook:
Thanks for the compliments however this was a “TEAM” effort. My First Officer was on the telephone with crew tracking / hotel desk arranging for our release and hotels for the entire crew.
The Flight Attendants manned a galley cart from the aircraft serving waters, juice, and sodas to all the passengers in the terminal. All while the Envoy SPS Personnel were arranging for a bus, rebooking flights, and answering a flurry of questions from these passengers.
Thanks to everyone for your help — there is no “I” in TEAM.
Turn that Frown Upside Down: You know, we love a good list here at the mighty “In Other News …” and we just don’t see as many as we once did. But this week, WalletHub released its list of “2018’s Happiest States in America” and, whelp, we’re on the list, because, you know, we’re a state, but not terribly happy it seems. We’re in the back of the line at No. 44.
The happiest state is Hawaii, because Hawaii; the unhappiest is Megan’s home state of West Virginia, because West Virginia.
To compile the data, they looked at “Emotional and Physical Well-Being,” “Work Environment” and “Community and Envirionment.”
Kentucky ranked among the highest for adult depression (No. 47) and among the worst for adequate sleep rate at (No. 48).
I feel like I could be skewing that data all on my own, so sorry about that.
And that brings me to this video on the science of happiness, one of my favorites, I shared a couple of years back:
It puts the conventional model of “I’ll be happy when I succeed/achieve/acquire” and flips it on its head into “Happiness will set me up to succeed.”
Social Butterfly: InStyle interviewed Jennifer Lawrence for its October issue, arriving on stands and online Friday.
The interview is for InStyle’s beauty issue, so much of the discussion hangs out there, though she does veer off into some other territory.
Teen Vogue looked at her take on body image with the headline, “Jennifer Lawrence Wants Celebrities to Be More Honest About Their Bodies.” Here’s that excerpt for you:
InStyle: I know you’ve been vocal about unrealistic beauty standards, particularly when it comes to body shaming. How do you deal with that?
Lawrence: I just like it when everyone’s honest. If you are 20 pounds underweight and talk about eating pizza and fried chicken all the time, that’s not going to make people feel good about themselves. If I’m going to the Oscars or having a movie premiere — I won’t lie — I’m probably eating differently from how I would in my regular life to fit into those dresses. And I feel comfortable saying that.
InStyle: Is that why you’re not on social media?
Lawrence: I’m on it. But I’m a voyeur: I watch, I don’t speak. There is always so much backlash. So many people are listening and paying attention, and they have so many opinions about absolutely everything. I really don’t want to welcome that unless it’s absolutely necessary. I don’t want to put myself out there for no reason. Unless I’m promoting something or something really burns my onions, you won’t hear from me.
And Page Six picked up her description of her style:
InStyle: Describe your style in 10 words.
Lawrence: Um, ’90s sex worker who’s just won her case in court.
That’s very specific.
Also this week, USA Today reminds us it’s the 10th anniversary of the first installment of “The Hunger Games,” if you can believe. The book arrived on this very day back in 2008. And in honor of that, USA Today compiled a list of “10 bold career risks Jennifer Lawrence has taken” since that first film’s release.
“Silver Linings Playbook,” “Red Sparrow” and “mother!” are all on the list. So’s the X-Men franchise, which doesn’t seem like much of a risk. Not the greatest films, but they do well. But when you consider between “X-Men: First Class” and “Days of Future Past” she became one of the most famous faces in the world, it does say something about her and the producers that they were willing to keep her buried under scaly blue makeup so much of the time.
Of course, “The Hunger Games” itself carried its own risks. Success wasn’t a foregone conclusion by any stretch, there was a lot of weight on the 2011 film to meet expectations based on the books, and following any success, knowing one’s life would be forever changed in ways no one could possibly anticipate nor prepare.
Here’s a look once more at the very first trailer:
See you next week.