This likely won't make Dallas Cowboys owner Jerry Jones too happy, who backed Papa John's statement.
John Schnatter, the founder and CEO of Papa John's, has a reported net worth of approximately $75 million. Schnatter, meanwhile, will remain with the company as Chairman and founder.
John Schnatter founded the chain in the 1980s and will stay on as its chairman, but leave the other seat on January 1. The company was forced to issue an apology after a neo-Nazi website dubbed Papa John's "the official pizza of the alt-right". "This should've been nipped in the bud a year-and-a-half ago".
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The pizza chain has seen its stock price decline about 13 percent since the remarks were made and down about 30 percent since the beginning of this year.
The NFL is crucial to Papa John's business.
"You've got to have free markets with limited government, with the proper amount of regulation where you don't jam entrepreneurship", Schnatter said. "We do not want these individuals or groups to buy our pizza", the company said in their November 5 statement. He removed himself from the gig in 2005 before returning in 2008. The company will promote longtime employee and former president Steve Ritchie to the position of CEO. He also added a co-CEO, Jude Thompson, in 2010 before ending the arrangement a year later.
"I am so proud of Steve-he has excelled at every job he's ever held at Papa John's-from being an hourly customer service rep, to a delivery driver, store general manager, director of operations, franchisee and most recently President", Schnatter said in a statement.