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Domino's Pizza Names Longtime Executive Joe Jordan as CEO

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Domino's Pizza Names Longtime Executive Joe Jordan as CEO

Domino's Pizza (DPZ) shares slipped early Tuesday as the pizza restaurant operator announced that Russell Weiner intends to retire as chief executive, with Chief Operating Officer Joe Jordan to succeed him later this year.

Weiner, who has served as CEO of the company since 2022, will step down from the role on Sept. 30, Domino's said late Monday. Weiner will then transition to executive chairman designate before assuming the executive chairman post following the company's annual shareholder meeting in April 2027.

Domino's shares were down 0.7% in the most recent premarket activity. The stock has lost 29% so far this year.

"Since joining Domino's in 2008, Russell has played a pivotal role in the company's growth and success," current Executive Chairman David Brandon said in a statement. "We owe Russell a great debt of thanks for his leadership and many accomplishments and look forward to his continued involvement as executive chairman of the board."

Brandon, who has been executive chairman since 2022, will retire and not stand for reelection at the shareholder meeting next year, according to Domino's.

Jordan, who also serves as president of Domino's US operations, will take over as CEO, effective Oct. 1. He has served in leadership roles across the company's marketing, US and international operations for about 15 years, according to the company.

"I am honored by the board's confidence and grateful for the opportunity to lead Domino's," Jordan said. "Domino's is one of the most innovative and resilient global systems in the restaurant industry and I am excited to build that foundation as we focus on reaccelerating growth and continuing to deliver delicious pizza and exceptional value to customers worldwide."

In April, the pizza restaurant chain reported weaker-than-expected first-quarter results, with Weiner citing consumer uncertainty and inflation pressures on demand.

"Pressure intensified throughout the quarter, in particular in March because of growing consumer uncertainty," Weiner said at the time. "Consumer sentiment hit COVID level lows and ongoing inflation continued to impact purchase decisions. Weather also affected our business in the quarter."

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