Papa John's Declines After Founder Abruptly Quits the CEO Role

Move follows ‘divisive’ comments about NFL player protests
Schnatter will hand the reins to chief operating officer

A logo in the likeness of John Schnatter, founder and chief executive officer of Papa John's International Inc., is displayed on the company's pizza box as a pepperoni pie sits arranged for a photograph in Shelbyville, Kentucky, U.S., on Friday, Feb. 10, 2017. Papa John's is scheduled to release earnings figures on February 21.Photographer: Luke Sharrett/Bloomberg

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By Nick Turner and Craig Giammona

December 22, 2017 at 4:09 PM UTC

This article is for subscribers only.

Papa John’s International Inc. dropped the most in more than two weeks after outspoken founder John Schnatter abruptly announced plans to step down as chief executive officer.

Though Schnatter will hand the reins to longtime deputy Steve Ritchie, who already oversees operations, the move raised fresh questions about a company that’s suffered a sales slump this year. Schnatter also raised eyebrows in November when he blamed poor results on a controversy over NFL players kneeling during the national anthem.