Frank R. Garrido
DOMINOS PIZZAAbout Frank R. Garrido
Executive Vice President and Chief Restaurant Officer at Domino’s Pizza, Inc. (DPZ); age 53; joined Domino’s in 2017 and has held progressively broader U.S. operations roles culminating in the CRO post as of 2024 . During his tenure on the senior leadership team, Domino’s delivered stronger operating performance in FY2024: global retail sales of $19.1B vs. $17.5B in FY2022, income from operations up 14.5% vs. FY2022, and Consolidated Adjusted EBITDA up 18.0% vs. FY2022; year-end stock price rose to $429.62 from $346.40 in FY2022 . The company’s pay-for-performance architecture emphasizes Incentive Adjusted EBITDA, global retail sales (ex-FX), and relative TSR, aligning executive incentives with profitability, brand growth, and shareholder returns .
Company performance context while Garrido has been in senior operations (oldest → newest):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Global Retail Sales ($USD Millions) | $17,539.9 | $18,275.8 | $19,124.2 |
| Income from Operations ($USD Millions) | $767.9 | $819.5 | $879.0 |
| Consolidated Adjusted EBITDA ($USD Millions) | $857.5 | $939.1 | $1,011.7 |
| Store Count (Year End) | 19,880 | 20,591 | 21,366 |
| Stock Price (Fiscal Year End) | $346.40 | $412.23 | $429.62 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Domino’s Pizza, Inc. | EVP, Chief Restaurant Officer | 2024–present | Senior leadership of restaurant operations, quality initiatives and U.S. operational execution |
| Domino’s Pizza, Inc. | EVP, U.S. Operations & Support | Mar 2021–2024 | Led U.S. operations/support during store growth and operating improvement |
| Domino’s Pizza, Inc. | SVP, Team USA | Jun 2020–Mar 2021 | Led company-owned U.S. stores (Team USA) |
| Domino’s Pizza, Inc. | VP, Franchise Operations (East) | Mar 2017–Jun 2020 | Franchise operations leadership across the East region |
| Focus Brands | VP, Operations | Mar 2015–Mar 2017 | Multi-brand QSR operations leadership |
| Edible Arrangements International | EVP, Operations, Training & Concept Development | Jul 2013–Mar 2015 | Operations and training leadership at a national franchise concept |
External Roles
No public external directorships or committee roles were disclosed for Garrido in company filings and leadership materials; skip .
Fixed Compensation
Not individually disclosed for Garrido (he is not a named executive officer in the proxy); Domino’s discloses base salary and payouts for NEOs only . The company-level AIP paid at 106.4% of target for FY2024, reflecting Incentive Adjusted EBITDA performance of 100.64% of target .
Performance Compensation
Domino’s executive incentives (including for senior operating leaders) are driven by standardized company metrics. For FY2024 and current PSU framework:
| Incentive | Metric | Weighting | Target Method | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| AIP (cash) | Incentive Adjusted EBITDA | — | Annual target vs. plan | Achieved 100.64%; paid at 106.4% of target | Cash award after FY |
| PSUs | Incentive Adjusted EBITDA growth | 70% | Three annual growth targets; straight-line interpolation | 2022–2024 cohort earned 59.6% of target before TSR modifier | 2022 PSUs scheduled to vest Mar 10, 2025 (NEOs) |
| PSUs | Global retail sales growth (ex-FX) | 30% | Three annual growth targets; straight-line interpolation | 2022–2024 cohort earned 59.6% of target before TSR modifier | 2022 PSUs scheduled to vest Mar 10, 2025 (NEOs) |
| PSUs | Relative TSR modifier (S&P Composite 1500 Restaurants Sub-Index) | +/-25% | Three-year cumulative TSR vs. index | Modifier applied +/-25% to earned shares; 2022 cohort used +/-15% vs. S&P 500; result -15% |
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 6x base salary; President-level 4x; other executives 3x; directors 5x; compliance within five years; unvested PSUs and options do not count .
- Hedging and pledging: Employees and directors are prohibited from hedging; anti-pledging/anti-hedging provisions in Insider Trading Policy .
- Governance: Annual say-on-pay support nearly 94% in 2024, indicating shareholder endorsement of pay design .
Insider transactions and potential selling pressure:
| Date | Transaction | Shares | Source |
|---|---|---|---|
| May 1, 2024 | Sale by EVP, Chief Restaurant Officer | 470 | |
| 2024 filing | Form 4 filing (reporting owner: Garrido) | — |
Note: Total beneficial ownership, pledged shares, and vested vs. unvested detail for Garrido are not disclosed in proxy tables (which list NEOs and directors) .
Employment Terms
- Executive agreements (for NEOs) include severance and restrictive covenants; restrictive covenants apply for two years post-termination (non-compete/non-solicit) .
- Representative severance economics (as disclosed for NEOs; Garrido’s specific contract terms are not disclosed):
- CEO: 2x base salary on termination without cause or for good reason; medical premiums during severance period; pro-rata AIP .
- CFO: 1.5x base salary; medical premiums; pro-rata AIP .
- President/COO, CTO, CSCO: 1x base salary; medical premiums; pro-rata AIP .
- Clawback: Company-wide recoupment policy compliant with SEC and Nasdaq rules for incentive compensation upon restatement .
- Anti-hedging/pledging: Prohibited by policy .
Performance & Track Record
- Leadership visibility: As CRO, Garrido is the quoted executive spokesperson for quality and national value promotions (e.g., 50% off pizza campaigns) and operational excellence/quality captain themes, reinforcing focus on store-level execution and customer experience .
- Senior team composition: Listed among the company’s leadership in investor day materials, aligned with Domino’s “Hungry for MORE” strategy emphasis on operations, technology, and quality .
Investment Implications
- Alignment: Domino’s executive incentive design weights profitability (Incentive Adjusted EBITDA) and brand growth (global retail sales ex-FX) with a three-year TSR modifier, encouraging balanced execution; this structure likely applies to the CRO’s equity program even if his specific grants/payouts are not disclosed .
- Retention: Two-year restrictive covenants in executive agreements and ownership guidelines build retention and alignment; anti-hedging/pledging reduces misalignment risk .
- Trading signals: A small May 2024 sale of 470 shares by Garrido is modest; without total holdings disclosure, it does not, on its own, indicate material selling pressure .
- Execution risk: Company-level operating metrics improved in FY2024, and quality/operations messaging under Garrido’s remit aligns with continuing focus on service and value; sustained performance will hinge on maintaining U.S. same-store momentum, international growth, and cost discipline embedded in AIP/PSU targets .