Papa John's CEO loses millions after slamming NFL leadership (PZZA)

  • Papa John's CEO's net worth fell $70 million in 24 hours. 
  • John Schnatter blamed NFL leadership and national anthem protests for the chain's subpar sales in the most recent quarter.  
  • Papa John's shares took a hit following his comments. 

The CEO and founder of Papa John's saw his net worth drop by millions after the pizza chain reported worse-than-expected sales, which the CEO blamed on the NFL. 

CEO John Schnatter's net worth dropped $70 million in less than 24 hours, from Tuesday afternoon to Wednesday afternoon, Forbes reported. As of Wednesday, Schnatter was worth $801 million. 

RELATED: John Schnatter through the years

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John Schnatter, Papa John's pizza founder
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John Schnatter, Papa John's pizza founder
NEW YORK, NY - JANUARY 31: John H. Schnatter, Founder, Chairman & CEO of Papa John's International, Inc. rings the NASDAQ Opening Bell at NASDAQ MarketSite on January 31, 2014 in New York City. (Photo by Rob Kim/Getty Images)
INDIANAPOLIS, IN - MAY 24: Papa John's founder and CEO John Schnatter attends the Indy 500 on May 23, 2015 in Indianapolis, Indiana. (Photo by Michael Hickey/Getty Images)
PARK CITY, UT - DECEMBER 06: John Schnatter attends the Deer Valley Celebrity Skifest held at the Silver Lake Lodge in Deer Valley on December 6, 2014 in Park City, Utah (Photo by Mark Davis/Getty Images)
PARK CITY, UT - DECEMBER 05: (L-R) Actress Eloise Broady, John Schnatter and John Paul DeJoria attend the Deer Valley Celebrity Skifest held at the Empire Lodge on December 5, 2014 in Park City, Utah (Photo by Mark Davis/Getty Images)
NEW YORK, NY - JANUARY 31: John H. Schnatter, Founder, Chairman & CEO of Papa John's International, Inc. rings the NASDAQ Opening Bell at NASDAQ MarketSite on January 31, 2014 in New York City. (Photo by Rob Kim/Getty Images)
NEW YORK - OCTOBER 29: Founder of Papa John's John Schnatter speaks onstage at the Spider-Man and Papa John's Pizza's announcement of 'Hometown Super-Heroes' in Times Square October 29, 2007 in New York City. (Photo by Bryan Bedder/Getty Images)
LOUISVILLE, KY - MAY 06: Paps John's CEO John Schnatter attends the 132nd Kentucky Derby at Churchill Downs on May 6, 2006 in Louisville, Kentucky. (Photo by Paul Hawthorne/Getty Images)
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Schnatter owns roughly 25% of Papa John's. So, when the company suffers, he is very directly impacted. 

Papa John's shares plummeted after the company reported Tuesday that same-store sales grew 1% in the most recent quarter, falling short of expectations. The company additionally lowered its North American same-store sales prediction for the year to 1.5%, down from 2-4%. 

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Shares fell further after the company's Wednesday morning earning call, during which Schnatter blamed NFL leadership for failing to resolve the controversy over players kneeling during the national anthem. 

"We are totally disappointed that the NFL and its leadership did not resolve the ongoing situation to the satisfaction of all parties long ago," Schnatter said. "This should have been nipped in the bud a year and a half ago." 

Papa John's shares have since recovered somewhat, trading at $61.50 as of 10:05 a.m. on Thursday.

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