Domino's UK boss departs as embattled pizza firm struggles to revive its fortunes
Second executive departure in just over two months after CFO exit
Domino's Pizza Group boss Andrew Rennie is stepping down with immediate effect, marking the second executive departure the embattled fast-food firm has suffered in two months.Analysts described Rennie's departure as unexpected and another blow to the US pizza giant's UK master franchise, which has seen its share price value halve over the last 12 months amid weaker consumer demand and higher costs.London-listed Domino's told investors on Tuesday Rennie would be temporarily replaced by chief operations officer Nicola Frampton while the board searches for a replacement.Chair Ian Bull said Rennie had overseen 'operational excellence and significant market share gains' during his tenure.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.'Rennie said in a short statement: 'We have collectively delivered strong market share growth through operational excellence, product innovation and a digital transformation.' To go: Another Domino's executive departs Rennie spent two decades with Sydney-listed Domino's Pizza Enterprises before joining the British firm in 2023. Domino's Pizza Group shares fell 2.8 per cent to 166.1p in early tradingIt follows the sudden departure of finance chief Edward Jamieson in September and a disagreement with shareholder and former director Usman Nabi, who has urged Domino's to abandon attempts to buy a secondary brand.In efforts to improve its fortunes, Domino's has been ramping-up marketing efforts and has even launched a fried chicken business - CHICK'N'DIP.Interim boss 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.'Commenting on Rennie's departure, analysts at Shore Capital said: 'This is unexpected and, in our view, and a loss to the business given the wealth of experience that Mr Rennie brought.'The Group is now in a period of interim CFO and CEO.This is clearly not an ideal situation ahead of the planned Capital Markets Day, and so it makes sense that this event will now be rescheduled (originally planned for 9 December).'Furthermore, plans for a second brand acquisition is now unlikely until a new CEO is in place, and a review of the capital allocation priorities will be taken once [incoming CFO Andrea has joined.'DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Domino's UK boss departs as embattled pizza firm struggles to revive its fortunes
