Schnatter unloads more Papa John's shares, decreasing stake in company

Haley Cawthon
Schnatter unloads more Papa John's shares, decreasing stake in company

After nearly three months of waiting, John Schnatter is selling off more Papa John’s shares. The ousted founder of the Louisville-based pizza chain started slicing off large portions of his stake in the company in May. On May 21, Schnatter sold 3.5 million shares in private placement to UBS, for a windfall of $157.5 million. The second 150,000 shares sold for $43.09 per share on Wednesday, or a total of $6.46 million, which resulted in a grand total of $10.73 million over the two-day period.