Domino’s Pizza said Monday that its operations chief, Joe Jordan, will take over as chief executive of the world’s largest pizza company as it works to revive sales amid an industrywide slump.
Jordan, 53, who also serves as Domino’s U.S. president, is set to assume the role Oct. 1. He joined the Michigan-based chain as vice president of innovation in 2011 after a stint at PepsiCo.
Current CEO Russell Weiner will transition to executive chairman, fully taking the position next year after current executive chairman David Brandon retires. Weiner said his departure was not tied to the company’s recent disappointing quarter but followed a yearslong succession planning process.
“The one word you will consistently hear from me is consistency,” Jordan said in an interview. He said he intended to maintain Domino’s current strategy, including speeding up new product introductions and highlighting value in advertising, while helping franchisees keep sharp price points and remain profitable.
Domino’s has said it gained U.S. market share, but in late April the company reported quarterly sales and earnings that trailed analysts’ expectations and toned down its projections for U.S. same-store sales this year. Shares are down about 30% year-to-date. Berkshire Hathaway, which had built a position in the stock starting in 2023, completely exited in May.
The pizza sector as a whole has faced years of anemic growth. Sales increases have trailed the broader restaurant industry since 2017, excluding the pandemic-boosted year of 2020, and pricing battles have squeezed profit margins.
Yum Brands last week said it would sell its Pizza Hut chain to a private-equity firm for $2.7 billion. Papa John’s and the parent company of Papa Murphy’s have also considered sales or other strategic options, according to previous reports.
Weiner, who became Domino’s CEO in 2022, pushed aggressive deals and allowed ordering through third-party apps in the U.S. for the first time. He said he plans to remain closely involved with the business. “Fast-food is being pressured but the brands that are going to succeed are the brands that have the scale to continue to deliver,” Weiner said.