LOUISVILLE, Ky. (LEX 18)– Late last night, Papa John himself, John Schnatter, resigned as the pizza company’s chairman.
It was one resignation after the next as earlier in the day, he resigned from UofL’s Board of Trustees.
The spotlight was all on Schnatter after a Forbes report revealed the self-made billionaire used a racial slur during a conference call in May of this year.
In a statement, the pizza mogul admitted to using the slur saying "regardless of the context, I apologize. Simply stated, racism has no place in our society."
Both UK and Purdue, which Schattner donated money to, say they are assessing the situation as they decide whether to remove his name from campus buildings.
The mayor of Jeffersonville, Indiana–Schnatter’s hometown–already ordered the removal of his name from a decades-old gym.
"It’s not easy to turn your back on an $800,000 gift, but some things are more important than money," said Mayor Mike Moore.
Papa John’s stock dropped nearly 5 percent by the close of the stock market Wednesday, the lowest it’s been in nearly two years.