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Papa John's founder to quit as CEO

23 December, 2017, 01:59 | Author: Kristen Ingram
  • Papa John's founder steps down after blaming anthem protests for slumping sales

John Schnatter, the founder of pizza delivery giant Papa John's, is stepping down as the CEO of his company, the Wall Street Journal reports.

According to The Washington Post, Schnatter will be replaced by Chief Operating Officer Steve Ritchie on January 1, the company announced Thursday.

It's not clear if Schnatter's resignation is directly related to his comments about the NFL.

In their third quarter earnings call, Papa John's CEO John Schnatter claimed that the ongoing National Football League protests have affected his company's earnings, and that they will be pulling some of their advertising associated with the NFL. He also dished out some criticism to Roger Goodell for not handling it, because it was hurting their sales.

"Leadership starts at the top, and this is an example of poor leadership", Schnatter said in a call with investors. "The statements made on our earnings call were describing the factors that impact our business and we sincerely apologize to anyone that thought they were divisive", the company tweeted.

Papa John's stock closed at $59.23, down 2 cents or 0.03 per cent on Thursday. Same-store sales were actually in the green at 1 percent growth, year-over-year. "We do not want these individuals or groups to buy our pizza", the company said following the post on Papa John's being the official pizza of the alt-right. He is being replaced as CEO by company president Steve Ritchie.

This is not the first time that Schnatter has stepped down as CEO. He took a break from being CEO between 2005 and 2008.

John Schnatter, better known as Papa John, is the American entrepreneur who founded Papa John's global.

For the good of Papa's shareholders, hopefully Ritchie can still deliver the dough.

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