Domino's UK replaces finance chief as it struggles to reverse decline

London-listed Domino’s Pizza Group said Thursday it has replaced its chief financial officer as the UK master franchise seeks to reverse a slide in value. Edward Jamieson will leave by mutual agreement after three years in the role, with the group citing weaker consumer demand and higher costs weighing on results this year.

Jamieson oversaw a period of significant change, including a new strategy and multiple transactions that the company says helped to grow its share of the UK pizza market. The group added that the UK master franchise’s value has fallen by about a third since the start of the year. The leadership change comes after a public disagreement with Usman Nabi, a shareholder and former director who has urged Domino’s to abandon attempts to buy a secondary brand.

Andrew Andrea, from C&C Group, will become chief financial officer in mid-March next year, bringing with him extensive experience in mergers and acquisitions and in franchise environments. He has previously held senior finance roles at Marston’s and the Dollond & Aitchison chain. Chair Ian Bull said Andrea has an exceptional track record as a CFO in the hospitality sector and knows how to operate effectively in franchise settings. Richard Snow, a former Ladbrokes CFO, will be interim CFO during Andrea’s notice period, while Lynn Fordham will take on a newly created role as special adviser to the board as the business enters a period of accelerated activity.

As part of its growth push, Domino’s has recently launched a new fried chicken menu, which leadership says offers a significant opportunity for the group."

Investors will be briefed on third-quarter progress in early November before an investor event on 9 December, where leadership plans to outline the loyalty scheme, digital progress, store openings and other strategic priorities. Domino’s reiterated its expectation for full-year earnings before items of £130 million to £140 million.

The leadership transition comes as the market contends with inflation and cost pressures in the UK restaurant sector. Analysts will be watching closely to see whether the appointment of a CFO with a strong franchise and M&A background can accelerate the execution of Domino’s growth strategy and help stabilize investor sentiment after a year of volatility for the stock and the brand in the region.