Domino's UK replaces finance chief as it seeks to reverse decline
Edward Jamieson steps down; Andrew Andrea of C&C Group will take over in mid-March, as the UK master franchise pursues a renewed growth strategy amid slower demand and higher costs
Domino's Pizza Group on Thursday said it has replaced its chief financial officer, with Edward Jamieson leaving the role immediately by mutual agreement after three years in the post. Andrew Andrea, currently with C&C Group, is set to become CFO in mid-March next year, bringing extensive experience in mergers and acquisitions to the UK master franchise of the U.S. pizza company. Shares traded about 0.8% lower in early trading, at 200.4 pence, near the lowest level in more than a decade as investors weigh the company’s disappointing performance against the leadership change.
The leadership shake-up comes as Domino's UK struggles to reverse a slide in value this year. The group, which operates as the UK master franchise for the U.S. giant, has seen its market value fall by roughly a third since the start of the year amid weaker consumer demand and higher costs. Domino's said Jamieson oversaw a period of significant change, helped develop a new strategy, completed multiple transactions, and expanded its share of the UK pizza market, though those efforts have yet to translate into stronger earnings or a clearer path to growth. The transition will see Richard Snow, a former Ladbrokes CFO now working on strategic projects at Domino's, step in on an interim basis while Andrea serves his notice period. Lynn Fordham will also take on the newly created role of special adviser to the board as the company embarks on a period of accelerated activity.
The board’s move follows public friction with Usman Nabi, a shareholder and former director, who has urged Domino's to abandon attempts to acquire a secondary brand as part of its growth drive. The governance shift underscores the urgency the company places on reshaping its financial leadership as it pursues a broader turnaround plan.
In a bid to reinvigorate the business, Domino's recently launched a new fried chicken menu, which the chief executive has described as offering a significant opportunity for the group. The company said it would update shareholders on third-quarter progress in early November and host an investor event on 9 December, where executives are expected to outline plans for its loyalty program, digital progress, store openings, and other strategic priorities. Domino's also reiterated its outlook, saying it continues to expect full-year earnings before nasties of £130 million to £140 million.