The boss of Domino’s Pizza has stepped down without a permanent successor in place just days after he said there was not “massive growth” left in the UK market.
Andrew Rennie departs immediately “by mutual agreement” the company revealed to shareholders in a surprise announcement today. He had led the delivery company for just over two years.
Just two weeks ago the £1.34 million a year CEO said fried chicken was already bigger than pizza in the UK, adding the company new sub-brand Chick 'N' Dip could have a “big impact” .
Earlier this month he also revealed a decline in orders after lifting prices. Before today’s announcement the shares were down 7% this year.
The company said it has begun the search for a successor with chief operating officer Nicola Frampton stepping into the breach on an interim basis.
The company said it “does not envisage pursuing a second brand acquisition until the new CEO is in place” and has postponed a capital markets day scheduled for 9 December.
Ian Bull, chair of Domino's Pizza Group said: "Domino's has an exceptional brand, a resilient business model and continues to gain market share, despite the challenging external environment.
“The Board believes that there are a number of opportunities to drive further growth and value creation in Domino's core business.
£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.
Nicola Frampton said:" 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."
Andrew Rennie said: "I have been privileged to lead the DPG 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. I wish the Domino's team all the best for the future."
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