Domino's names COO Joe Jordan as new CEO amid slowing sales

Domino's Pizza named Chief Operating Officer Joe Jordan arsenic its adjacent CEO connected Monday, tapping a longtime insider to pb the world's largest pizza institution arsenic it contends with slowing income and a much competitory market.

Jordan, 53, volition presume the CEO relation connected Oct. 1, the institution said. He presently besides serves arsenic president of Domino's U.S. operations. Outgoing CEO Russell Weiner volition modulation to enforcement chairman-designate connected the aforesaid date, with plans to go enforcement president pursuing the company's 2027 yearly shareholder meeting. David Brandon, the existent enforcement chairman, volition discontinue from the committee successful 2027 aft 28 years of service.

During adjacent to 15 years astatine Domino's, Jordan built acquisition spanning the company's marketing, technology, franchisee support, and some its U.S. and planetary operations. According to The Wall Street Journal, his Domino's vocation began successful 2011 erstwhile helium came aboard arsenic vice president of innovation, having antecedently been employed astatine PepsiCo. The institution credited him with starring planetary enlargement that added much than 3,000 stores and overseeing the relaunch of its loyalty and e-commerce platforms.

"I americium honored by the Board's assurance and grateful for the accidental to pb Domino's," Jordan said successful a statement. "I americium excited to physique that instauration arsenic we absorption connected reaccelerating maturation and continuing to present delicious pizza and exceptional worth to customers worldwide."

A regulatory filing cited by Reuters shows that Jordan's compensation bundle sets his basal wage astatine $925,000, with a people bonus accidental adjacent to doubly that amount.

The enactment alteration comes astatine a hard agelong for Domino's. The company's first-quarter results fell abbreviated connected some fronts: home same-store income roseate lone 0.9% against a Bloomberg statement estimation of 2.6%, portion overseas same-store income declined 0.4%, missing the 0.7% summation analysts had projected, according to Yahoo Finance. In April, the institution besides toned down its projections for full-year U.S. same-store income growth.

According to Barron's, shares person shed astir 30% truthful acold this year, and the CEO announcement did thing to reverse the slide, with the banal dropping different 2% erstwhile regular trading closed Monday.

The broader pizza class has faced sustained pressure. Competing chains person fared nary better: some Papa John's and Pizza Hut person posted repeated quarter-over-quarter drops successful U.S. same-store sales. Yum Brands past week agreed to merchantability Pizza Hut's U.S. and planetary operations to backstage equity steadfast LongRange Capital and Yum China for a combined $2.7 billion, successful a woody that underscores the difficulties facing bequest pizza chains.

In an interview, Weiner — who archetypal joined Domino's successful 2008 and has led the institution arsenic CEO since May 2022 — framed his exit arsenic the culmination of a deliberate, multi-year effort to groom his replacement alternatively than a absorption to immoderate caller show shortfall.