John Schnatter Net Worth, Family: Papa John's Founder Steps Down As CEO

Papa John’s founder John Schnatter will step down as CEO in January following days of turmoil at the company over his public criticism of National Football League's (NFL) leadership over national anthem protests by players.

The company said Thursday in a statement that he would be replaced as CEO by chief operating officer Steve Ritchie on Jan. 1, but would remain as chairman, having founded the pizza chain in 1984. The reason for his decision was not immediately given.

Schnatter ran into controversy in November when the 56-year-old blamed the NFL leadership’s handling of the then-ongoing national anthem protests for its dropping sales. The company was an official sponsor of the NFL. “The NFL has hurt us. We are disappointed that the NFL and its leadership did not resolve this,” he had said at the time.

Following the controversy, the company released its third-quarter financial report in the first week of November. Schnatter’s net worth fell $70 million in less than 24 hours after the report was released, according to Forbes. Share prices also went down, affecting Schnatter’s personal fortune as he owned roughly 25% of Papa John’s.

While the net worth of the founder was estimated to be about $1 billion in the beginning of the year, Forbes put his net worth after the fall in shares as $801 million.

According to Celebrity Net Worth, Schnatter accumulated his wealth through his more than 3,000 franchise pizza restaurants, located in all 50 states in the United States and 30 countries around the world. He also sold shares of Papa John’s (listed as PZZA on the stock ticker) worth $330.9 million over the years.

Schnatter's 40,000-square-foot castle located in an exclusive Louisville, Kentucky, country club was reportedly worth $7-10 million and featured a 22 car multi-level garage, several pools, a private lake and a golf course. He married Martha Schnatter in 1987 after graduating from Ball State University, Indiana, with a business degree. Daily Entertainment News reported that Martha Schnatter was born Martha Annette Cox in 1960.

The couple has three children — Beau, Kristine, and Danielle. Danielle initially worked for the insurance company Humana and subsequently became an independent consultant at Arbonne International. She married Evan McWhirter and also gave birth to a son later. Martha and Schnapper’s eldest daughter Kristine graduated from the School of Law at the University of Louisville.

Schnatter and his wife also donated to the state Republican Party at the time of President Donald Trump’s campaign, boosting its treasury by $151,000, reported Louisville Boulevard. Schnatters also gave $1.9 million to 86 charities in a span of four years. The causes he supported include helping children and veterans as well as animal welfare.

In the statement Thursday announcing his exit, Schnatter said about his successor Ritchie: “With 120,000 Papa John's corporate and franchise employees, Steve will put the spotlight on our pizza and the most important ingredient - our team members. We couldn't have a more proven leader to guide Papa John's through its next stage of growth."