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London-listed Dominos Pizza Group has replaced its chief financial officer, as the struggling group looks to revive its fortunes. The US giant’s UK master franchise has seen its value fall by a third since the start of the year amid weaker consumer demand and higher costs. Domino’s told investors on Thursday that chief finance officer Edward Jamieson would leave immediately ‘by mutual agreement’ after three years in role.
The group said Jamieson had overseen a ‘period of significant change for the company, and has played a key role in developing a new strategy, completing multiple transactions, and significantly growing its share of the UK pizza market’. He will be replaced by C&C Group’s Andrew Andrea in mid-March next year, bringing with him ‘extensive experience’ in mergers and acquisitions, Domino’s said.
Domino’s Pizza Group shares traded 0.8 per cent lower at 200.4p in early trading. They trade at their lowest level in the last 10 years. It follows a disagreement with shareholder and former director Usman Nabi , who has urged Domino’s to abandon attempts to buy a secondary brand.
Domino’s said Andrea will also bring strong franchise experience after senior roles at brewer and pub group Marston’s and optician chain Dollond & Aitchison. Chair Ian Bull added that Andrea has an ‘exceptional track record as a CFO in the hospitality sector and knows how to operate in franchise environments’.
‘Working alongside our leadership team and franchisees, we have no doubt that his experience will prove invaluable as we accelerate delivery of our growth strategy,’ he said. Richard Snow, former Ladbrokes CFO and currently working on strategic projects at Domino’s, will take over in the interim while Andrea works his notice period.
Domino’s also announced Lynn Fordham would take on the newly-created role of special adviser to the board ‘as the business embarks upon a period of accelerated activity’. As part of efforts to reinvigorate the business, Domino’s recently launched a new fried chicken menu its boss says offers a ‘significant opportunity’ for the group.
The firm will update shareholders on third quarter progress in early November before hosting an investor event on 9 December. Investors will hear plans for Domino’s loyalty scheme, digital progress, store openings and other strategic priorities.
Domino’s said on Thursday it continues to expect to report full year earnings before nasties of £130million to £140million.
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