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.