Domino $DPZ's Pizza named Chief Operating Officer Joe Jordan as its next CEO on Monday, tapping a longtime insider to lead the world's largest pizza company as it contends with slowing sales and a more competitive market.
Jordan, 53, will assume the CEO role on Oct. 1, the company said. He currently also serves as president of Domino's U.S. operations. Outgoing CEO Russell Weiner will transition to executive chairman-designate on the same date, with plans to become executive chairman following the company's 2027 annual shareholder meeting. David Brandon, the current executive chairman, will retire from the board in 2027 after 28 years of service.
During close to 15 years at Domino's, Jordan built experience spanning the company's marketing, technology, franchisee support, and both its U.S. and international operations. His Domino's career began in 2011, according to The Wall Street Journal, when he came aboard as vice president of innovation, having previously been employed at PepsiCo $PEP. The company credited him with leading international expansion that added more than 3,000 stores and overseeing the relaunch of its loyalty and e-commerce platforms.
"I am honored by the Board's confidence and grateful for the opportunity to lead Domino's," Jordan said in a statement. "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."
A regulatory filing cited by Reuters shows that Jordan's compensation package sets his base salary at $925,000, with a target bonus opportunity equal to twice that amount.
The leadership change comes at a difficult stretch for Domino's. The company's first-quarter results fell short on both fronts: domestic same-store sales rose only 0.9% against a Bloomberg consensus estimate of 2.6%, while overseas same-store sales declined 0.4%, missing the 0.7% gain analysts had projected, according to Yahoo Finance. In April, the company also toned down its projections for full-year U.S. same-store sales growth.
Shares have shed roughly 30% so far this year, and the CEO announcement did nothing to reverse the slide, with the stock dropping another 2% once regular trading closed Monday.
The broader pizza category has faced sustained pressure. Competing chains have fared no better: both Papa John's $PZZA and Pizza Hut have posted repeated quarter-over-quarter drops in U.S. same-store sales. Yum Brands $YUM last week agreed to sell Pizza Hut's U.S. and international operations to private equity firm LongRange Capital and Yum China for a combined $2.7 billion, in a deal that underscores the difficulties facing legacy pizza chains.