Domino’s Pizza’s UK boss Andrew Rennie has stepped down with immediate effect after plotting a shift towards fried chicken.
Nicola Frampton, Domino’s current COO will serve as interim CEO until a replacement is found.
Domino’s sales have stuttered this year with Rennie telling the Financial Times there was not ”massive growth” left in UK pizza market. He said chicken was the world’s “fastest-growing protein”.
In September, Domino’s opened a new chicken brand - Chick ‘N’ Dip - as it looks to capitalise on the booming demand for the meat.
Rennie previously spoke about plans to acquire another brand but Domino’s today shut down that possibility until the new CEO is in place.
“The board believes that there are a number of opportunities to drive further growth and value creation in Domino’s core business,” said Domino’s chair Ian Bull.
”We are focused on identifying the right CEO to lead the disciplined execution of that growth strategy.”
Domino’s posted a 2.1% increase in total sales last quarter but its total orders were down 1.5% due to “weaker consumer sentiment.”
Domino’s is also waiting on the arrival of new CFO Andrew Andrea and “intends to review its capital allocation priorities” when he joins.
Rennie said he was “privileged” to lead Domino’s UK business over the last two years. “We collectively delivered strong market share growth through operational excellence, product innovation and a digital transformation.”
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