Ritch Allison is stepping down as the CEO of Domino’s Pizza, the company said on Tuesday. He will be replaced by Russell Weiner, the company’s president and chief operating officer, who will take over the top job effective May 1.
David Brandon, Domino’s chairman and himself a longtime former CEO, will also become executive chairman at the same time.
The company also named Sandeep Reddy chief financial officer. The former Six Flags CFO will take over April 1.
The leadership shakeup followed a year in which Domino’s sales seemed to slow amid labor and other challenges. Same-store sales rose 1% in the U.S. in the fourth quarter and 3.5% for the year. But the previous quarter the company ended a decade-long run of quarterly same-store sales growth.
Domino’s stock fell 6% in premarket trading.
Allison, who departs after more than a decade at the Ann Arbor, Mich.-based pizza chain and four years as its CEO, said the chain is “as strong as ever.” The brand’s stock more than doubled in his tenure and the company continued its leadership on digital sales, which proved a strength during the pandemic when consumers ordered a lot more delivery. Domino's also became the world's largest pizza chain during his tenure.
“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.
Allison’s successor is Weiner, who has been with the brand since 2008, when he joined as chief marketing officer. He led the company’s Pizza Turnaround campaign, which famously made fun of the company’s previous pizza recipe in ads. That campaign has been seen as integral to the company’s remarkable turnaround in the years since then.
Retail sales in the U.S. during Weiner’s tenure grew by $3 billion to more than $8 billion and digital sales grew from 11.5% of U.S. sales to more than 75%. The company also became the largest pizza chain in the U.S.
Weiner became chief operating officer in July 2020, overseeing the U.S. business for Domino’s as well as global teams responsible for marketing, operations, store growth, franchise relations, analytics, insights and e-commerce.
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. “As we enter a new phase of growth for the company, we believe Russell’s energy, inspirational leadership style and earned respect for our team members and franchisees, make him the right choice to take Domino’s forward.”
Allison will remain CEO until April 30 and Weiner will take over the next day. Allison will then remain as an advisor with the company through July 15.
Reddy, meanwhile, joins from Six Flags. He previously had been CFO of Guess? Inc., helping leading to a turnaround at the clothing brand. Allison and Weiner worked together to recruit Reddy to the company. “We are confident that Sandeep will be integral in helping Russell and the rest of the leadership team drive continued growth and success for Domino’s in the future,” Brandon said.
Brandon was CEO of Domino’s from 1999 through 2009, when he left to become the athletic director at the University of Michigan. He is credited with leading many of the initiatives that would drive Domino’s decade-long turnaround. He has been the company’s chairman since 1999.
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