She also noted that she spoke to Schnatter who she said was contrite over his actions and agreed with the removal of his name from the stadium.
John Schnatter, the company's namesake and founder, resigned as chairman following a Forbes report that he used the n-word on a company conference call. McConnell, an avid Louisville football fan, said "there's no place for racism in this country".
The University of Kentucky will no longer recognize John Schnatter in any way, President Eli Capilouto said Friday.
Fearing more losses, top executives made a decision to remove Schnatter from all marketing materials, a source said on Friday, although they did not give any more details about how long this would take to achieve.
Schnatter apologised and said he would resign as chairman.
The school has not looked into new sponsorship deals to rename the stadium, Bendapudi said.More news: GOP reps threaten maligned Federal Bureau of Investigation agent with contempt in House hearing
Several players had expressed a desire to have the Papa John's name removed from the stadium.
Papa John's founder John Schnatter says his use of a racial slur was taken out of context, but he feels "sick" about the incident.
Pizza Hut replaced Papa John's as the NFL's official pizza sponsor earlier this year.
Later in the day, soccer team FC Dallas also said it was suspending a promotion it had with the company.
The Mariners joined a growing list of Major League Baseball teams to suspend their promotions for discounted pizzas at Papa John's following a use of a racial slur by the founder, John Schnatter. This has been a steadily downward trajectory for Schnatter as he had stepped down as chief executive previous year after he criticized the NFL over players' decision to protest during the national anthem for various reasons stemming toward the racial injustices that continue to go on in the United States. Schnatter's hometown of Jeffersonville, Indiana, is putting distance between itself and the man it once called a "hometown hero". By Thursday, the mayor had said he had given back $400,000 that Schnatter had donated for the gym's renovation. The right to change the name of the stadium reportedly belonged to Schnatter.
"I'm not going to allow that name with those comments to be attached to anything in the city of Jeffersonville", Moore told CBS News affiliate WLKY.