Papa John’s founder John Schnatter has sold about 3.8 million shares in the pizza chain but he remains the largest individual shareholder.
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Last month, Schnatter, 57, was considering the sale of his stake in the pizza chains, months after he settled a lengthy dispute with company officials over its handling of his exit.
He owned roughly 31 percent of the company where he served as CEO and chairman of the board until his resignation. In late April, Schnatter owned roughly 9.9 million shares, according to a filing.
Schnatter now owns about 6.1 million shares of the pizza chain or 18.95 percent. He will not sell any Common Stock until August 19, 2019, as part of an agreement with UBS, according to a filing. UBS bought about 3.4 million shares from Schnatter Tuesday, according to the filing. The former Papa John’s CEO netted $157.5 million from the sale. The weighted average price per share was $45.625.
Schnatter stepped down as Papa John’s CEO in 2017 after he blamed the NFL for slumping pizza sales. He resigned as chairman in July 2018 after he admitted to using a racial slur during a conference call with marketing executives.
Since his departure, the chain has looked to overhaul its marketing and announced NBA legend Shaquille O’Neal would be joining its board of directors.
Fox Business’ Thomas Barrabi contributed to this report.
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