FIRST AIRED: July 11, 2018

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Transcript

00:00:00
>> When I was growing up->> The man who has been the public face of Papa John's, in trouble again, and he's taking his company's shares down with him. The pizza chain's chairman, founder, and former CEO, John Schnatter facing backlash for using a racial slur on a conference call.
00:00:18
Forbes reporting that back in May, Schnatter used an offensive term to describe black people with a marketing agency during a media training session on race. On the call, Schnatter, who was forced to step down as CEO in January, was trying to downplay his earlier comments that the NFL's handling of national anthem protests by players had led to weak pizza sales.
00:00:43
He complained that Colonel Sanders had said much worse in the past without facing a public backlash.>> We found a Papa John's->> Schnatter also reportedly recalled growing up in Indiana where he said people used to drag African-Americans from their trucks until they died. Forbes saying the comments were intended to demonstrate his position against racism, but people on the call were offended.
00:01:07
On Wednesday, the company going into damage control mode issued a statement saying quote Pape John's condemns racism and any insensitive language, no matter the situation or setting. And in an e-mailed statement to Forbes Wednesday, Schnatter confirmed the the allegations and said quote regardless of the context, I apologize.
00:01:28
>> I believe that there's nothing more important then earning your trust.>> But it may take a lot more than apologies to boost the company's stock, which lost nearly 5% of it's value Wednesday.