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Papa John’s CEO Calls Executive Salaries ‘Immoral’

47th Annual Academy Of Country Music Awards - RAM Red Carpet47th Annual Academy Of Country Music Awards - RAM Red Carpet
Papa John's CEO John Schnatter at the 2015 Country Music Awards.Photograph by Angela Weiss — ACM via Getty Images

Papa John’s founder and CEO, who earned a $3.6 million salary in 2015, thinks executives salaries are” immoral.”

In an interview with Business Insider published Thursday, John Schnatter said he has refused a raise in the past 4 years or so, and is paid 20% of what the company’s board says he should be earning.

“It’s an immoral arrangement. It’s wrong,” Schnatter told Business Insider. “And that’s why corporate America has got a bad name.”

Despite passing on a raise, Schnatter owned 26.3% of the company by the end of 2016, meaning he is worth at least $710 million based on the stock’s Thursday closing price.

Shares of the company have rise near 75% over the past year.