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Domino's Pizza's shares picked up after it was announced that its chief executive officer is stepping down. The CEO is retiring, and the company also revealed its weak Q4 results despite a slight recovery.
The pizza chain said it missed the estimates on most metrics, and this caused the stock prices to dive at lower levels. It was explained that Domino's Pizza posted its earnings and revenue for the fourth quarter and the results fell short of analysts' expectations.
As per CNBC, the retirement plans of the company's chief executive officer, Ritch Allison, were also mentioned during the reporting and shares rebounded a bit. He will be replaced by Russell Weiner, the current Domino's US president and chief operating officer.
Allison will be leaving the company on May 1st and the take over for the role will follow. At any rate, Domino's Pizza reported a $155.7 million net income for Q4 and this is equivalent to $4.25 per share, which is up from $151.9 million or just $3.85 per share earlier this year.
It was reported that the earnings estimation as surveyed by Refinitiv was $4.28 per share. Refinitiv is an American-British global provider of financial market data and infrastructure.
"We see the appointment of Weiner as Domino's next CEO to be viewed positively by investors, given he has been a key part of Domino's domestic turnaround and success over the past decade-plus," Reuters quoted Christopher Carril, an analyst at RBC Capital Markets Analyst, as saying with regards to Allison's exit and Weiner's upcoming takeover.
Weiner has been with Domino's since 2008 and at that time, he was the chief marketing officer. He also held other positions in the company including chief operating officer and president of the US unit since July 2020.
The incoming new chief is not the only executive who was assigned to a new role at Domino's Pizza. It was shared that Sandeep Reddy was also tapped to be the brand's next chief financial officer and the assignment will take effect on April 1. Currently, Reddy is working as the Texas-based amusement park company, Six Flag's, chief financial officer and he will replace Stu Levy who resigned.
"With Russell as CEO and with the addition of Sandeep as CFO, supported by the rest of our leadership team, I am comfortable and confident stepping aside, knowing that Domino's has strong leaders who are passionate and committed to our business," Allison said as he announces his retirement.
