undergroundnewsroom.com March 22, 2018

Papa Tossed! Pizza Chain Orders Up New CEO

25 December 2017, 05:33 | Rodolfo Quinn

Papa Tossed! Pizza Chain Orders Up New CEO

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Schnatter owns roughly 25% of Papa John's and will stay on as chairman after stepping down as CEO in January.

Ritchie, 43, will guide the world's third-largest pizza delivery company "through its next stage of growth", a press release says.

Papa John's CEO John Schnatter announced that he is stepping down as CEO just several months after his controversial statements about protesting National Football League players led to accusations of racism and the official endorsement of the alt-right.

John Schnatter owns nearly 9.5 million shares of Papa John's International Inc., valued at more than $560 million.

"This should have been nipped in the bud a year and a half ago", Schnatter said during a November 1 company earnings conference call.

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And in the wake of his remarks - for which the company tried to apologize almost two weeks later - the white supremacist website Daily Stormer floated the idea that Papa John's was the "official pizza of the alt-right".

Schnatter has stepped down as CEO before in 2005 after a period of declining sales at the company, then returned three years later.

"There is a list of advertisers that have made themselves very clear: 'If you continue to cover the political coverage of the issue, we will not be part of the NFL, '" Yaccarino said, via Deadline and Business Insider. Schnatter's decision to relinquish the role may come as a surprise to those who recognize him as "Papa John" in the chain's promotions. Today, the pizza chain employs approximately 23,100 employees at over 5,000 locations worldwide, according to the company website. Two weeks after that conference call, shares of the franchise's stock were down by 12.8 percent.

Later that month, the Louisville, Kentucky-based company said it didn't intend to be polarizing with the remarks. After massive backlash, he said "I sincerely apologize to anyone that thought they were divisive".

Papa John's issued an apology after the November 1 conference call distancing itself from Schnatter's comments. Instead, he only said that it was "the right time to make this change". "We also believe together, as Americans, we should honor our anthem", a statement from the company read.

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