Domino's CEO Ritch Allison will retire, be succeeded by COO

Dive Brief:

Domino's CEO Ritch Allison will retire from his role on April 30 as part of a broader executive shake up, Domino's announced Tuesday. Russell Weiner, COO and president of Domino's U.S. since July 2020, will replace Allison on May 1. Weiner will stand for election to Domino's board of directors at the chain's annual shareholder meeting on April 26.
Sandeep Reddy, currently CFO at Six Flags, will join Domino's as CFO on April 1. Domino's Chairman of the Board David A. Brandon will transition from his current role to the newly created position of Executive Chairman effective May 1.
Weiner first joined Domino's as CMO in 2008, and he has helped expand the company's market share, grow unit counts and increase digital sales. During Weiner's time at the chain, Domino's U.S. retail sales have spiked from $3 billion to over $8 billion, digital mix has grown from 11.5% of U.S. sales to more than 75% and the chain's market share has doubled, according to the company.

Dive Insight:

Weiner led Domino's Pizza Turnaround campaign in 2009 to improve the company's sales slump and public image, an initiative the company describes as "central to the success of the Domino's brand."

"[Weiner] has played a pivotal leadership role in driving innovation and transforming many aspects of the Domino's brand during his tenure, including reinventing Domino's menu and advertising," Brandon said in a statement.

Now that Domino's market share hovers around 50% as of 2020 — far ahead of rivals Pizza Hut (29%) and Papa John's (21%) —Wiener will be tasked with sustaining the pizza behemoth's momentum. Domino's U.S. same-store sales grew 3.5% in fiscal 2021, but corporate stores lagged behind franchisees and revenue fell slightly below analyst predictions. The chain also added 1,204 stores worldwide last year.

Reddy's experience as CFO of Six Flags could also bolster the company's prospects thanks to his "financial acumen and expertise in operations, strategy, technology and management," Brandon said. Reddy, according to Domino's release, helped Six Flags recover from the pandemic and prior to that crisis, led a brand turnaround at Guess, Inc., a clothing retailer where Reddy served as CFO from 2013 to 2019. Reddy will succeed former CFO Stuart Levy, who resigned from the company in May.

"With Russell as CEO and with the addition of Sandeep as CFO, supported by the rest of our leadership team, I am comfortable and confident stepping aside, knowing that Domino's has strong leaders who are passionate and committed to our business," Allison said in a statement.