Domino’s Pizza Inc.’s DPZ -3.01% Chief Executive Ritch Allison is planning to retire and will step down from his role at the end of April, the company said Tuesday.
The pizza chain has tapped Russell Weiner, its chief operating officer and president of Domino’s U.S., to succeed him as CEO, effective May 1. Mr. Weiner will stand for election to the board at the company’s annual shareholder meeting, which is slated for April 26.
Mr. Weiner, who joined Domino’s as its chief marketing officer in 2008, has served as the company’s operating chief since July 2020.
Mr. Allison, the company’s CEO for the past four years, is credited with helping Domino’s grow its sales and trying to keep the company’s margins intact by refusing to pay third-party delivery services to handle its pizzas. He had also served as president of Domino’s International. He joined the company in 2011. Previously, he worked at Bain & Co where he served as a partner and co-leader of Bain’s restaurant practice.
Russell Weiner, Domino’s chief operating officer and president of Domino’s U.S., has been tapped to become CEO from May 1.
Photo: Jeff Kowalsky/Zuma Press
Domino’s also named Sandeep Reddy, who currently serves as the chief financial officer of Six Flags Entertainment Corp. , as its next CFO, effective April 1.
Domino’s will also transition board Chairman David Brandon to a newly created post of executive chairman, effective May 1.
The Ann Arbor, Mich., company’s shares fell 7% in premarket trading after missing analysts’ consensus expectations for the fourth quarter.
Domino’s posted adjusted earnings of $4.25 a share, behind analysts’ average estimate of $4.28 a share, per FactSet. Revenue fell 1% from a year earlier to $1.34 billion, missing analysts’ expectations of $1.38 billion.
Same-store sales rose 1% in the U.S. and grew 1.8% in international markets.
Write to Kimberly Chin at [email protected]
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