Lucy Devine
Domino's has confirmed that its CEO Andrew Rennie has stepped down from the business with immediate effect.
Rennie will be replaced by current chief operations officer Nicola Frampton in the interim period, as the business plans to implement changes to boost growth.
On Tuesday (25 November) chairman Ian Bull said the board 'believes that there are a number of opportunities to drive further growth and value creation in Domino’s core business'.
He added: “We are focused on identifying the right CEO to lead the disciplined execution of that growth strategy, alongside our incoming CFO and the wider leadership team, and underpinned by a rigorous focus on shareholder returns.”
Advert
Earlier this year, the pizza brand launched a chicken-focused sub-brand called Chick 'N' Dip - which Rennie described as a 'bold new chapter' - to meet the growing demand for fried chicken in the UK. It's expected the brand will expand into more cities next year.
Rennie had recently told the Financial Times that there was no 'massive growth' left in the pizza sector - a bold statement, perhaps, but the move also came as Domino's said that pizza sales had declined in the past few months, with inflation playing a part in customer demand.
He also said chicken was 'the fastest-growing protein' in the world, hence the company's decision to diversify.
Domino's isn't the only pizza giant to be suffering, with Pizza Hut announcing the closure of 68 restaurants last month.
The much-loved chain is known for its casual family friendly dining as well as its salad bar and takeaway options, but had been struggling financially for some time.
The firm previously went into administration less than a year ago.
Speaking of his move, Rennie said: “I have been privileged to lead the Domino’s Pizza Group business over the last two years supported by a great team and world class franchisees.
“We have collectively delivered strong market share growth through operational excellence, product innovation and a digital transformation.”
Meanwhile, Frampton added: “I look forward to working with the board and leadership team, as well as our colleagues and franchisees, to ensure that we continue to strengthen the business and deliver for customers in the months ahead.
“We have a number of ongoing growth and performance initiatives that we will be focused on executing at pace.
“These include the continued enhancement of our supply chain, delivering further product innovation including the system-wide launch of Chick ‘N’ Dip next year, and preparing for the rollout of our loyalty program in 2026.”