Pizza chain Papa John's International Inc said on Wednesday its founder and former chief executive, John Schnatter, resigned as chairman of its board.

The company said Olivia Kirtley would act as lead independent director, and added it would appoint a new chairman in the coming weeks.

The resignation comes after Forbes reported that Schnatter used a racial slur on a conference call. (Reporting by Philip George in Bengaluru; Editing by Gopakumar Warrier)

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.