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July 18, 2018 -- With an estimated net worth of about $800-million, John Schnatter isn't desperate for a job. 

He is, however, woeful that he stepped down as chairman of Pappa John's pizza. 

Schnatter quit under pressure from the corporation's board of directors after he noted that Colonel Sanders of Kentucky Fried Chicken fame was known to use the 'n' word. 

That offense was sufficient to effectively lynch Schnatter. 

Schnatter's resignation set fire to the corporation's stock that rose by 11 percent and added about $50-million to his net worth in a single day. 

From ▼

The founder of Papa John's said he made “a mistake” when he agreed to step down as chairman of the company’s board last week amid “mischaracterized” reports about his use of a racial slur earlier this year.

In a letter addressed to members of the company's board, pizza chain founder John Schnatter said board members pressured him to resign without "any investigation" and based its decision on “rumor and innuendo.”

“The board asked me to step down as chairman without apparently doing any investigation. I agreed, though today I believe it was a mistake to do so,” Schnatter said, according to a copy of the letter obtained by ABC News on Tuesday. “I have checked with corporate governance experts who tell me that this was not a proper action by the board.”



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