Crust like that, Papa John is out

PAPA WON’T preach anymore.

John Schnatter, the founder of Papa John’s Pizza, is stepping down as CEO, the company said Thursday.

Schnatter’s resignation comes two months after he slammed NFL leadership for allowing players to kneel during the national anthem.

“The controversy is polarizing the customer, polarizing the country,” Schnatter said during a conference call about the company’s earnings on Nov. 1.

“The NFL has hurt us,” Schnatter (photo) said. “We are disappointed the NFL and its leadership did not resolve this.”

Steve Ritchie, the company’s chief operating officer, will replace Schnatter on Jan. 1.

Schnatter, who is the most public figure in the company, will remain the chairman of the board and the largest shareholder of Papa John’s stock.

A decision about Schnatter still being the most noticeable spokesman has not yet been made.

Ritchie, like Schnatter, also criticized the league’s handling of the protests and the impact on the business.

“We expect it to persist unless a solution is put in place,” Ritchie said. Two weeks after details of that conference call became public, shares of the franchise’s stock were down by 12.8 %.

Shares of Papa John’s are still down 13% from when the NFL feud began and have plummeted 30% overall this year.

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

He founded the chain more than 30 years ago and owes a large part of his personal fame to advertising with the NFL, as well as Peyton Manning’s ties to the company.