John Schnatter's stake in Papa John's (PZZA) keeps shrinking.
The founder has reduced his stake from 31% to 19%, according to new regulatory filings. On May 21, he sold off 3.4 million shares, which is roughly worth $160 million.
He still has six million shares of the company and remains the largest shareholder.
Schnatter stepped down as CEO soon after he blamed declining pizza sales on NFL protests in fall 2017. He resigned as chairman the following summer after news broke that he had used the N-word on a conference call.
The company has struggled to repair its reputation over the past year and a half, and has suffered six straight quarters of sales declines. Schnatter and Papa John's leadership exchanged vicious barbs for months, but reached a settlement earlier this year.