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Papa John's founder to quit as CEO

Papa John's founder to quit as CEO

According to The Washington Post, Schnatter will be replaced by Chief Operating Officer Steve Ritchie on January 1, the company announced Thursday. The company will promote longtime employee and former president Steve Ritchie to the position of CEO. "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", he said.

Weeks later, after neo-Nazi website The Daily Stormer declared Papa John's "the official pizza of the alt-right", the company issued a statement asking members of hate groups to not buy its pizza.

Schnatter's comments, which some claimed he was goaded into by his friend, Dallas Cowboys owner Jerry Jones, as a way to increase pressure on NFL Commissioner Roger Goodell, caused an uproar upon delivery. But he recently ran into controversy when he blamed NFL players' mass move to drop to one knee during the playing of the national anthem as affecting his company's sales.

More on this as it develops.

"The NFL has hurt us by not resolving the current debacle to the players' and owners' satisfaction", Schnatter said on a conference call Nov.1.

"Leadership starts at the top, and this is an example of poor leadership", Schnatter said in a call with investors.

Schnatter has now decided he would step down as CEO of Papa John's, effective immediately. "We do not want these individuals or groups to buy our pizza", the company said in their November 5 statement.

Papa John's stock closed at $59.23, down 2 cents or 0.03 per cent on Thursday. In 2010, he took on a co-CEO, Jude Thompson, but that arrangement ended the following year.

Papa John's controversial CEO and founder is stepping down. "We couldn't have a more proven leader to guide Papa John's through its next stage of growth".

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