Domino's CEO Ritch Allison to retire

Russell Weiner, Domino’s current chief operating officer, will succeed Allison on May 1

Domino’s CEO Ritch Allison will retire in mid-July, the pizza chain announced on Tuesday.

"Serving at Domino's for more than a decade, including the last four years as CEO, has been the privilege of a lifetime," Allison said in a statement.

Domino’s CEO Ritch Allison will retire in mid-July (Domino's Pizza)

Russell Weiner, Domino’s current chief operating officer, will succeed Allison on May 1.

"I am honored to lead this great company and brand that I love," Weiner said in a statement. "I am excited to work with our talented leaders, team members and franchisees to deliver the next phase of Domino's growth."

Allison will provide guidance to the company until his official retirement on July 15.

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Under Allison's tenure, Domino's opened approximately 4,000 new stores, expanded the brand to over 90 global markets, and increased global retail sales by over $5 billion, according to board Chairman David Brandon. 

As part of the transition, Brandon will become executive chairman on May 1. In addition, Six Flags' current chief financial officer Sandeep Reddy has been tapped to be Domino's next CFO starting April 1. 

Ticker Security Last Change Change %
DPZ DOMINO'S PIZZA INC. 502.16 +0.03 +0.01%

Domino’s shares fell about 8% in the premarket on the news.

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The announcement coincided with the company's fourth-quarter earnings report. 

Domino's posted a net income of $155.7 million, or $4.25 per share, up from $151.9 million, or $3.85 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings per share of $4.28. 

Net sales for the quarter fell 1% to $1.34 billion, slightly below expectations of $1.38 billion. U.S. same-store sales increased by 1% for the fourth quarter, while international same-store sales rose 1.8%.

FOX Business' Lucas Manfredi contributed to this report.