© Reuters. FILE PHOTO: A Domino’s Pizza restaurant is seen in Los Angeles, California, U.S. July 18, 2018. REUTERS/Lucy Nicholson
(Reuters) -Domino’s Pizza Inc said on Tuesday Chief Executive Officer Ritch Allison will retire at the end of April and be succeeded by operating head Russell Weiner, at a time the pizza chain’s battling supply chain disruptions.
Allison, 55, who has been with company for over a decade, took the top job in 2018, before which he was the president of Domino’s International.
Allison’s strategy of focusing on speeding Domino’s delivery services has helped the pizza chain navigate through the difficult times inflicted by the global pandemic, but the company is now facing rising inflation and higher commodity costs, such as meats and cheese.
Shares of the company fell about 5% to $411 as the company also reported quarterly results that missed analysts’ expectations.
Weiner will take over as CEO effective May 1. He joined the company as chief marketing officer in 2008 and presently is the chief operating officer for Domino’s U.S. since July 2020.
The Ann Arbor, Michigan-based company also said Sandeep Reddy has been appointed as the next chief financial officer effective April 1. He had previously served as CFO of Six Flags and Guess Inc.
Domino’s Pizza CEO to retire, operating officer to take over
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