Papa John’s Founder Will Step Down As CEO After Criticizing National Anthem Protests In The NFL
Pizza should never get political. Papa John’s founder John Schnatter learned that that when he made comments criticizing protests in the NFL. Schnatter criticized NFL players for kneeling during the anthem, and blamed the poor sales at his pizza chain on the controversy. Schnatter apologized two weeks later, but now it has been announced that Schnatter will step down as CEO of the company.
Shares in the company had been declining since December 2016. There was already a decrease of about 30% before founder John Schnatter made the comments on a November 1st sales call. “The controversy is polarizing the customer, polarizing the country,” said Schnatter, in regards to the protests taking place in the NFL.
After he made the comments in regards to players kneeling during the anthem, there was a further drop in the company’s stock prices of about 13%. Schnatter himself saw a decrease of over $80 million in his own shares of the company. The announcement that Schnatter will step down was made on December 21st.
Founder John Schnatter will stay on as chairman of the board, but will be succeeded as CEO by Chief Operating Officer Steve Ritchie beginning January 1st, 2018. Ritchie started as a sales associate with Papa John’s before becoming a franchise owner. He then moved to corporate operations in 2010. Ritchie declined to comment on the reason for Schnatter stepping down.
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