Kelly E. Garcia
Executive Vice President, Chief Technology and Data Officer at DPZ
Executive
About Kelly E. Garcia
Kelly E. Garcia is Executive Vice President and Chief Technology Officer at Domino’s Pizza (DPZ), a role she has held since October 2, 2020, after joining Domino’s in 2012 to lead eCommerce development; she holds a computer science and engineering degree from The Ohio State University and has driven Domino’s digital innovation agenda including AnyWare platforms, GPS delivery tracking, and Carside Delivery . Company performance during her senior technology tenure has been solid: Consolidated Adjusted EBITDA rose 18% from 2022 to 2024 and the stock price climbed 24% from year-end 2022 to year-end 2024 . Global retail sales reached $19.1B in 2024, with 5.9% growth excluding FX and continued store expansion, underscoring strong execution in DPZ’s “Hungry for MORE” strategy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Domino’s Pizza | SVP, Chief Technology Officer; SVP eCommerce Development & Emerging Technologies; VP eCommerce Development | 2012–2020 | Led development of AnyWare digital ordering, GPS delivery tracking, and Carside Delivery, advancing DPZ’s digital leadership |
| R.L. Polk & Co. | VP, Business Intelligence and North American Operations | 2004–2012 | Led BI and NA operations; oversaw global application development and support |
| Capgemini; Ernst & Young (Consulting) | Manager (Technology/Supply Chain Consulting) | Pre-2004 | Delivered technology and supply chain consulting; foundation in enterprise systems |
External Roles
No external public-company directorships or committee roles for Garcia are disclosed in DPZ’s proxy statements; skip if not disclosed .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $482,692 | $519,231 | $544,231 |
| AIP Target (% of Salary) | 100% | 100% | 100% |
| Actual AIP Paid ($) | $249,000 | $558,075 | $585,200 (106.4% of target; plan achievement 100.64%) |
| All Other Compensation ($) | $31,491 | $38,743 | $45,751 |
Notes:
- 2024 annual base salaries were set at $550,000 for Garcia (effective in-year), with the proxy reflecting actual paid salary during the period .
- The AIP payout mechanism in 2024 awarded 1% of target for every incremental 0.1% over the 90% threshold up to caps, based on Incentive Adjusted EBITDA .
Performance Compensation
Annual Incentive Plan (AIP)
| Metric | Weighting | FY 2024 Target | FY 2024 Actual | Payout Factor | Vesting |
|---|---|---|---|---|---|
| Incentive Adjusted EBITDA | 100% | $1.008B | 100.64% of target | 106.4% of target | Cash (annual) |
AIP design: Threshold at 90% of target; linear payout to caps; metric defined as Consolidated Adjusted EBITDA with specified adjustments .
Long-Term Incentives (PSUs, RSUs, Options)
| Award Type | Metric(s) | Weighting | Grant/Target | Valuation/Fair Value | Vesting Terms |
|---|---|---|---|---|---|
| PSUs (2024 grant) | Incentive Adjusted EBITDA growth; Global retail sales growth (ex-FX); Relative TSR modifier vs S&P 1500 Restaurants | 70%; 30%; +/-25% | 827 target shares | $396,456 grant-date fair value (Monte Carlo $479.39 per unit) | 3-year performance; measures annual growth targets banked, TS R modifier applied; scheduled to vest around Mar 2027 subject to employment |
| RSUs (2024 grant) | Time-based | — | 827 shares | $367,105 grant-date fair value | Ratable over 3 years; convert to stock at vest |
| Stock Options (2024 grant) | Time-based | — | 2,622 options @ $443.90 strike | $366,739 grant-date fair value | 3-year ratable vest; expires 3/11/2034 |
Recent PSU performance outcome: 2022 PSUs (Jan 2022–Dec 2024 period) earned 59.6% of target based on cumulative adjusted segment income and cumulative global retail sales (ex-FX); TSR ranked 24th percentile (S&P 500 comparator), applying a -15% modifier to earned shares; vest scheduled Mar 10, 2025 .
Equity Ownership & Alignment
- Beneficial ownership: 22,779 shares as of Dec 29, 2024 (less than 1% of class), including 17,631 options exercisable within 60 days .
- Outstanding awards (as of Dec 29, 2024):
| Category | Amount | Payout/Market Value |
|---|---|---|
| RSUs unvested (424; 827) | 424 shares; 827 shares | $182,159; $355,296 |
| PSUs unearned (2022 tranche due 2025) | 379 shares | $162,826 |
| PSUs unearned (2023 target) | 2,499 shares | $1,073,620 |
| PSUs unearned (2024 target) | 827 shares | $355,296 |
| Options exercisable/unexercisable | Multiple strikes/expirations | See detailed schedule below |
Option schedule (selected): 2,622 unexercisable options at $443.90 expiring 3/11/2034; 2,740 exercisable and 5,480 unexercisable at $300.16 expiring 3/10/2033; additional tranches at varied strikes/expirations from 2026–2032 .
- Hedging/pledging: All employees and directors are prohibited from hedging and subject to anti-pledging policy under DPZ’s Insider Trading Policy .
- Stock ownership guidelines: Other executives must hold 3x base salary within five years; DPZ discloses all named executives who completed the accumulation period are in compliance .
Insider selling pressure indicator:
- 2024 exercises/vestings: Garcia exercised 2,200 options (value realized $889,812) and had 1,923 shares vest from stock awards (value realized $880,211), indicating periodic liquidity events tied to option/RSU vesting .
Employment Terms
- Employment agreement and restrictive covenants: DPZ uses written agreements for named executives with 2-year non-compete and non-solicit provisions post-termination .
- Severance (without cause or for good reason): One times annual base salary, paid as six months’ salary at 6 months post-termination plus monthly payments for the next six months; pro-rata AIP at target for the year of termination; company-paid medical insurance premiums during severance period; earned but unpaid prior-year AIP also payable .
- Disability/death/retirement: Pro-rata AIP at target; for death, unvested options fully vest with extended exercisability; retirement provisions allow retention/vesting subject to tenure/age thresholds; as of Dec 29, 2024 no named executives were retirement eligible .
- Change in control (covered transaction): All unvested stock options and RSUs vest; PSUs accelerate—2022 PSUs at greater of target or actual performance to date; 2023–2024 PSUs accelerate at target (with actual previously certified annual performance used where applicable) .
- Clawback/recoupment: Policy compliant with Nasdaq and SEC rules to recoup excess incentive compensation after restatements .
- Tax gross-ups: No tax gross-ups on change-in-control payments .
Compensation Structure Analysis
- Mix emphasizes performance: For non-CEO named executives including the CTO, average ~77% of target total direct compensation is variable (AIP, PSUs, RSUs, options) in 2024, aligning pay with operational and stock performance .
- Shift to PSUs: Long-term program uses PSUs with annual growth targets, balancing profitability (Incentive Adjusted EBITDA) and brand expansion (global retail sales ex-FX), plus a relative TSR modifier to reinforce shareholder alignment .
- No repricing/gross-ups; robust governance: Anti-hedging/anti-pledging, clawback policy, and independent Compensation and Human Capital Committee oversight mitigate pay-risk concerns .
Performance & Track Record
- Company performance during Garcia’s senior tech leadership: Consolidated Adjusted EBITDA increased 18% from 2022 ($857.5M) to 2024 ($1,011.7M); store count rose to 21,366; stock price at FYE advanced 24% (from $346.40 to $429.62) . DPZ delivered 31st consecutive year of global retail sales growth ex-FX, +5.9% in 2024 .
- Digital innovation milestones: Led AnyWare ordering partnerships (Ford SYNC, Apple Watch, Samsung TV, Twitter, Amazon Echo, Google Home, Facebook Messenger) and advanced AI ordering; autonomous delivery tests with Ford; GPS delivery and Carside Delivery launches .
Compensation Peer Group & Shareholder Feedback
- Peer group (unchanged): Bloomin’ Brands; Chipotle; Darden; Expedia; Hilton; Hyatt; InterContinental Hotels Group; Norwegian Cruise Line; Papa John’s; Restaurant Brands International; Royal Caribbean; Texas Roadhouse; Wayfair; Wendy’s; Wyndham; Yum! Brands .
- Target positioning: Committee generally targets market median for total direct compensation, with executive-specific adjustments based on strategy, performance, and tenure .
- Say-on-pay: Strong support—nearly 94% in 2024; more than 92% in 2023; committee continued engagement and structure using PSUs/RSUs/options .
Equity Ownership & Vesting Details
| Options (selected tranches) | Exercisable | Unexercisable | Strike ($) | Expiration |
|---|---|---|---|---|
| 3/11/2034 grant | 0 | 2,622 | 443.90 | 3/11/2034 |
| 3/10/2033 grant | 2,740 | 5,480 | 300.16 | 3/10/2033 |
| 3/10/2032 grant | 1,534 | 768 | 393.14 | 3/10/2032 |
| 3/31/2031 grant | 1,137 | 0 | 367.79 | 3/31/2031 |
| RSUs & PSUs (as of 12/29/2024) | Shares | Market/Payout Value ($) |
|---|---|---|
| RSUs (unvested, 424) | 424 | 182,159 |
| RSUs (unvested, 827) | 827 | 355,296 |
| PSUs (2022 payout tranche, unearned) | 379 | 162,826 |
| PSUs (2023 target, unearned) | 2,499 | 1,073,620 |
| PSUs (2024 target, unearned) | 827 | 355,296 |
Investment Implications
- Alignment: High proportion of at-risk, performance-linked pay (AIP and PSUs with EBITDA & sales growth plus TSR modifier) aligns incentives with profitability, growth, and shareholder returns; anti-hedging/pledging and clawback policies reduce governance risk .
- Retention risk moderate: 2-year non-compete/non-solicit and time-based RSUs/options encourage retention; severance at 1x salary is standard and not excessive; change-of-control acceleration could create event-driven overhang but is industry-typical .
- Selling pressure: Periodic option exercises and RSU vestings (2024 realizations ~$1.77M combined) can create incremental supply but are consistent with normal vesting cycles for executives .
- Execution track record: Company-level EBITDA and stock gains during Garcia’s CTO tenure, combined with continued store growth and digital initiatives, support value creation and sustained strategic execution .
Footnotes: All company and compensation values are from DPZ’s 2025 and 2024 DEF 14A proxy statements unless otherwise cited. Executive background details from Domino’s press release and The Org profile.