The University of Louisville also said Schnatter resigned from its board of trustees, and that the school will evaluate the naming arrangement for Papa John's Cardinal Stadium, according to the Louisville Courier-Journal.
Shares in Papa John's were up more than 3.1% on Friday following the news of the branding overhaul, improving further on the gains made after it was announced that Mr Schnatter was departing as chairman.
The pizza chain is removing John Schnatter's face from its marketing materials, two days after he admitted to using the N-word during a company conference call.
The Marlins also suspended a similar promotion, saying in a statement that Schnatter's "derogatory and insensitive" comments were not reflective of their organizational values and the inclusive environment they seek to provide. He apologized to her, adding that he didn't want to be a "distraction", she said.
Bendapudi did not comment on Schnatter's reaction to the stadium being renamed.
"We understand that this comes with certain consequences and we have examined all of those, and this is our best decision to move forward", Bendapudi said. The person was not aware of any plans to change the pizza chain's name.
Fallout has already included Major League Baseball indefinitely suspending a promotion with Papa John's that offered people discounts at the pizza chain after a player hit a grand slam.
After Forbes broke the story, Schnatter's name was swiftly removed from Nachand Fieldhouse in Jeffersonville, Ind., and a spokesperson with Papa John's confirmed to Insider Louisville Friday morning that the company is in the process of pulling Schnatter's image from its marketing and advertising.
Bendapudi said she is trying to differentiate between Schnatter and his company, noting multiple times how many people who work at Papa John's and how cutting ties completely could impact them.
Built in the late 1990s, the football stadium was financed with $20 million in donations from Schnatter and his company - $14 million in personal gifts and $6 million from Papa John's global, according to a pair of naming rights agreements and extensions obtained by WDRB.