10th Mar 2020 09:43
(Alliance News) - Domino's Pizza Group PLC on Tuesday announced it has hired Jim Beam bourbon maker Beam Suntory Inc Chair Matt Shattock to run its own board.
Shattock has been with drinks maker since 2009 - when it was Beam Inc - and oversaw the integration of Beam and Japanese distiller Suntory, following the Japanese firm's USD16 billion acquisition of Beam. Beam Suntory is now a subsidiary of Suntory Beverage & Food Ltd, which itself is a subsidiary of Suntory Holdings.
Shattock has previously held senior roles at confectionery-maker Cadbury plc and consumer goods giant Unilever PLC in the past.
He currently sits on the boards of consumer goods firm Clorox Co and apparel company VF Corp.
Shattock's hire is one of the key senior roles Domino's is looking to add. The pizza franchisee has been on the lookout for a new chief executive and chief financial officer.
Incumbent CEO David Wild in August last year said he would be retiring when a replacement is found, while CFO David Bauernfeind died in a snorkelling accident whilst on holiday over the Christmas period. Chair Stephen Hemsley left at the end of 2019.
New Chair Shattock will now lead the process to find a new CEO and CFO.
Speaking at the time of last week's annual results, interim Chair Ian Bull said: "We have four key priorities: recruiting a new chair, CEO and CFO, reinforcing our core business, rebuilding our franchisee relationship and finding the right owners for our International businesses.
"We are giving these priorities considerable time and focus and are confident in the long-term prospects for the group."
Shattock's hire, Domino's said, is an "important milestone" in meeting these priorities.
On Tuesday, Bull said: "This is an important moment in the turnaround of Domino's, and I am delighted to have secured a Chair of Matt's calibre. During what has been an extremely rigorous search process led by Usman and I, we have been clear that we need world class leaders to take Domino's to the next level and fulfil its enormous potential. In Matt we believe we have found a chair who absolutely fits this description."
Shattock added: "I couldn't be more excited to be joining Domino's as chairman. This is a good business today but with its powerful brand and some of the best franchisees in the world, it has the potential to be an outstanding business. My priorities will be building the new executive leadership, while also getting out to know the business, meeting colleagues and engaging with our franchisees to build a constructive relationship."
Domino's reported revenue of GBP508.3 million for the 52 weeks to December 29, 3.0% higher than the year before.
UK & Ireland system sales rose 4.8% to GBP1.21 billion, and excluding split stores the rate of growth was 3.7%, easing back from 4.6% growth in Domino's previous financial year.
Pretax profit from continuing operations fell by 14% to GBP75.1 million, with underlying pretax profit dipping by 1.2% to GBP98.8 million. Profit was hit by a GBP18.7 million corporate store impairment.
Shares in Domino's Pizza were 6.9% higher in London on Tuesday morning at 304.30 pence each.
By Paul McGowan; [email protected]
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