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After admitting to using a racial slur in a May conference call, John Schnatter resigned Wednesday night from his position as Chairman of the Board of Papa John's, the company said in a press release.

In a written statement published to their website, Papa John's said the company would move to appoint a new chairman in the coming weeks.

The company said Olivia Kirtley would act as the company's Lead Independent Director.

Schnatter admitted to using the N-word during a conference call in May following a Forbes report on the incident.

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"News reports attributing the use of inappropriate and hurtful language to me during a media training session regarding race are true," Schnatter said in a statement released by Papa John's. "Regardless of the context, I apologize. Simply stated, racism has no place in our society."

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