One of the commentators - I think Mike Joy - mentioned that The King had sold his interest to GMS before JJ came onboard.
Guess that makes Petty basically an advisor and kind of a brand ambassador for the team.
In a separate interview, Petty basically said he didn't really like the new way the team operates, but inferred that it's a more modern business model, the team is moving forward, and he understands that.
He apparently has no say in things any more, but is essentially the face that bridges the old team (for fans & sponsors, I'd guess) to the new team.
The Pettys never allowed tobacco or alcohol sponsors, IIRC, but I suppose GMS/JJ might "allow" an alcohol sponsor.