Papa Tossed! Pizza Chain Orders Up New CEO

Posted December 24, 2017

Then the white supremacist website Daily Stormer suggested that Papa John's be considered the "official pizza of the alt-right". The founder will stay with the company as a chairman, the press release said, while Steve Ritchie, a former franchise turned Chief Operating Officer, takes Schnatter's place as CEO. It was later revealed that the pizza mogul also had supported President Donald Trump's campaign for president.

Here's what we know about John Schnatter's business and net worth. According to the AP, Schnatter will step down from that post effective January 1.

In explaining the disappointing results, Schnatter pointed a finger at NFL Commissioner Roger Goodell, arguing that the national-anthem controversy was hurting ratings - and, in turn, sales of his pizza. Schnatter also stepped down as CEO in 2005 but returned three years later. "The board gets upset because I won't take a raise, but I've got plenty of money". On Dec. 21 he told investors that he was stepping down as CEO from the company he founded in 1984.

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"And more importantly, by not resolving the current debacle to the player and owners' satisfaction, National Football League leadership has hurt Papa John's shareholders", Schnatter said during the company's third-quarter earnings call on November 1.

Both those comments wound up hurting the company even more.

As of Friday, the company's stock traded at $56.88.

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Some left-wing critics have said that Schnatter's departure as CEO isn't enough to convince them to support the company given that he will remain chairman of the board. That has reduced Schnatter's 9.5 million share stake in the company by almost $84 million. "He has excelled at every job he's ever held at Papa John's - from being an hourly customer service rep, to a delivery driver, store general manager, director of operations, franchisee and most recently President".

In 2010, Schnatter bought two five-bedroom Utah penthouses and a third unit with four bedrooms at St. Regis Deer Crest Resort for $23 million, according to The Wall Street Journal.

Real estate isn't the only big personal purchases the multimillionaire has made.

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