When Papa John’s CEO John Schnatter decided to try and throw the NFL and football players’ peaceful protests of racial injustice under the bus for his company’s failing profits, many people, including competing pizzamakers, pointed out that that made zero sense. His attacks on the exclusive deal that Papa John’s has with the NFL could have been explained by decreasing viewership of a sport with all kinds of scandal connected to it, as well as a rapidly growing society of non-cable television watchers. But Mr. Schnatter wanted to stay on his personal brand of being a conservative prick. What does Forbes think of all of this?
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The net worth of John Schnatter, founder and CEO of pizza chain Papa John’s, fell $70 million in less than 24 hours after the company released its third-quarter financial report on Tuesday afternoon. The business beat estimates on earnings and revenue, but it lowered guidance on same-store sales for the coming period.
Investors were not pleased with that news and sent shares down 11% through 12:30 pm Eastern Time on Wednesday. The stock is now trading at just over $60 per share.
Oh boy. Hopefully Mr. Schnatter can afford to keep his moat filled—he has a moat on his estate. This isn’t the first time that Papa John has tried to blame his shitty business acumen and practices on the more liberal segments of our society, showing the world that his face isn’t the only thing that seems fake in those commercials.