Financial executive change at Domino's UK amidst efforts to halt business downturn
Domino's Pizza Group, the leading pizza chain in the UK and Ireland, has announced a series of changes, including the appointment of a new Chief Financial Officer (CFO) and the launch of a new fried chicken menu.
Andrew Andrea, with a strong background in franchise experience from his roles at Marston's and Dollond & Aitchison, will be replacing Edward Jamieson as the new CFO. Andrea's appointment will take effect from mid-March next year. Ian Bull, Domino's chair, has praised Andrea's exceptional track record in the hospitality sector, particularly his expertise in mergers and acquisitions.
In a related development, Richard Snow, former Ladbrokes CFO, will take over as interim CFO while Andrea works his notice period. Meanwhile, Lynn Fordham will take on a newly-created role of special adviser to the board.
The news comes as Domino's Pizza Group has faced challenges this year, with the group's value having fallen by a third since the start of the year due to weaker consumer demand and higher costs. Despite these challenges, Domino's expects to report full year earnings before nasties of £130million to £140million.
In an effort to boost sales, Domino's has launched a new fried chicken menu, which is seen as a significant opportunity for the group. The menu includes a variety of options, such as crispy chicken burgers and spicy wings.
Domino's will update shareholders on third quarter progress in early November, and an investor event is scheduled for 9 December. During this event, plans for Domino's loyalty scheme, digital progress, store openings, and other strategic priorities will be discussed.
Edward Jamieson, who has been with the company for three years, is leaving by mutual agreement. Jamieson's departure follows a period of significant change for the company, including the appointment of a new CEO in 2020.
Andrea's arrival at Domino's is expected to bring fresh perspectives and expertise to the company as it navigates the challenging economic environment and continues to grow its business.
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