DOMINO’S Pizza on Monday named Chief Operating Officer Joe Jordan as CEO, counting on his extensive experience with the company to lead it through an uncertain economic environment where consumers are keeping a tight watch on their spending.
Jordan, 53, has held senior roles across marketing and other functions during his 15 years with the company and succeeds Russell Weiner, who is set to retire after a little over four years as the company’s top boss.
Weiner will take over as the company’s executive chairman-designate on Oct. 1, the same date Jordan will officially assume the role of CEO.
“Joe is a proven leader whose experience spans virtually every aspect of our business,” said Domino’s Executive Chairman David Brandon.
“After a thoughtful succession planning process, the Board unanimously concluded that Joe is the right leader to serve as Domino’s next CEO. He embodies Domino’s culture of developing leaders from within, has earned the trust of franchisees across our global system and is uniquely qualified to guide the company through its next phase of growth,” he said.
In April, Domino’s forecast softer annual growth both in the United States and in international markets as it contends with weaker consumer spending and stiff competition.
The company’s shares were down about 1.8 percent at $289.81 in extended trading.
“We view this as an orderly change in ranks but are surprised by the timing midway through the five-year Hungry For More plan and at a time when we sense US comparable sales are under pressure,” TD Cowen analyst Andrew Charles said.
Jordan’s annual base salary as CEO would be $925,000, and he would be eligible for a target annual bonus of 200 percent of his base pay, the company said in a regulatory filing.
