The man who reinvented pizza and turned it into a billion-dollar industry, John Schnatter, has stepped down as CEO of Papa John’s. John Schnatter’s net worth was an astounding $1.0 billion. However, this figure has dramatically decreased since John Schnatter’s NFL comments and subsequent resignation from his current position. Read on to find out what he’s worth.
John Schnatter, Papa John’s International founder, decided to step back from his CEO duties. He will remain chairman of the global pizza chain, but COO Steve Ritchie will take over as CEO starting in 2018.
The move comes after Schnatter made critical comments against the NFL’s national anthem protests, which he believes hit Papa John’s business negatively. Although he isn’t leaving his company altogether, many are wondering how this will affect Schnatter’s wealth.
So, how much is John Schnatter worth? The pizza mogul’s net worth was estimated at an eye-popping $1.0 billion. But according to sources, it has recently dropped down to roughly $800.0 million.
Keep reading to learn how John Schnatter built his pizza empire.
More Dough than Pizza!
Here are some interesting facts about John Schnatter and his massive fortune:
– Forbes ranked John Schnatter at No. 1940 among the world’s billionaires. He was the 539th richest man in the U.S. alone.
– The Indiana-born entrepreneur started his pizza empire in 1984, two years after graduating from Ball State University with a business degree.
– Schnatter purchased $1,600 worth of pizza equipment and converted a broom closet in the back of a tavern his father co-owned into his first shop; he made pizza and sold it to the tavern customers, and as his business grew, he was able to move shop to the adjoining space.
– Today, Papa John’s is the third-largest takeout and pizza delivery restaurant chain in the U.S., with more than 3,300 locations in the U.S. and another 1,700 overseas.
– Schnatter’s famous pie-tossing hands are reportedly insured for millions.
– After he refused a disgruntled investor’s suggestion to use cheaper ingredients, Schnatter’s motto became, “Better Ingredients. Better Pizza.”
– Schnatter raised the company’s share prices from $8 to $19 in 2012; Papa John’s had $1.64 billion in sales in 2015.
– The pizza mogul was reportedly paid a $3.6 million salary in 2015, which was 20% of what he should have been earning, but he believes that executive salaries are “immoral.”
– As the chairman, who regularly appears in the company’s commercials and on their pizza boxes, Schnatter is the majority shareholder with approximately 9.5 million shares; he will remain as chairman of the board even though he’s no longer the CEO.
– An avid football fan, Papa John’s is a major sponsor of the NFL.
– John Schnatter’s NFL comments about letting players take a knee during the national anthem received a lot of backlash; Papa John’s issued a statement and apologized after it was applauded by white supremacists.
– Papa Johns’ business took a hit in November 2017 when displeased investors sold 11% of their shares, dropping the price to $60 per share; this decreased Schnatter’s net worth by an estimated $70.0 million, according to sources.
– In 1983, Schnatter sold his father’s 1971 Chevrolet Camaro for $2,800 to pay off his father’s tavern’s debts and used the remaining funds to start his pizza business; decades later, he paid $250,000 to buy back the Camaro from the family he sold it to!
– John Schnatter’s house is located in Louisville, Kentucky, where Papa John’s is headquartered.
|John Schnatter’s net worth 2017 (previous)||$1.0 billion|
|John Schnatter’s net worth 2016||$710.0 million|
|John Schnatter salary (2015)||$3.6 million|
|John Schnatter’s Papa John’s stock||9.5 million|
|Value of John Schnatter’s hands||$15.0 million|
How John Schnatter’s net worth is compared to other billionaires:
|John Schnatter||$1.0 billion (previous)|
|Oprah Winfrey||$3.2 billion (3.2 times smaller)|
|Michael Jordan||$1.5 billion (1.5 times smaller)|
|Travis Kalanick||$6.3 billion (6.3 times smaller)|
|Marian Ilitch (Little Caesar’s)||$5.1 billion (5.1 times smaller)|
|Fred DeLuca (Subway)||$2.8 billion (2.8 times smaller)|