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• The COO and President Russell Weiner to succeed, effective May 1
• Sandeep Reddy to take over as new Chief Financial Officer, beginning April 1
Domino's Pizza Inc. (NYSE: DPZ) Chief Executive Officer Ritch Allison will step down at the end of April, handing the reins over to the company's Chief Operating Officer and President, Russell Weiner.
Allison, who has served as the company's CEO for the past four years, is credited for helping Domino's increase sales while also attempting to maintain the company's profits by refusing to pay third-party delivery firms to deliver its pizzas.
He began working for the firm in 2011. He was formerly at Bain & Co, where he was a partner and co-leader of the firm's restaurant business.
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"Serving at Domino's for more than a decade, including the last four years as CEO, has been the privilege of a lifetime," said Ritch Allison, in a statement.
Weiner is set to take over as CEO on May 1. He joined the firm in 2008 as a chief marketing officer and has been the company's chief operating officer since July 2020. He was the marketing director for Pepsi's North American cola business until joining Domino's.
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"I am honored to lead this great company and brand that I love," Russell Weiner said. "I thank Ritch for his leadership and collaboration and look forward to working with him to ensure a seamless transition."
In addition, Sandeep Reddy has been named the new chief financial officer of the Michigan-based corporation, beginning April 1. He has previously worked at Six Flags and Guess Inc. as the CFO.
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"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.
Moreover, Domino's will promote board Chairman David Brandon to the newly formed position of executive chairman on May 1
Picture Credits: Forbes