SYDNEY: Shares of Domino’s Pizza Enterprises Ltd tumbled to their lowest since 2014 after the company said group chief executive officer (CEO) and managing director Mark van Dyck will step down after just one year in the role.
The stock fell as much as 19% in Sydney yesterday after the Brisbane, Australia-based company said Van Dyck will leave in December. Billionaire fast food magnate Jack Cowin has been appointed interim executive chairman effective immediately, according to an exchange statement.
The departure comes after an overhaul of the firm’s global leadership in the past year. Van Dyck succeeded CEO and managing director Don Meij, who had been with Domino’s for almost 40 years, in November.
Cowin is the company’s biggest shareholder and was already its chairman.
He is also the chairman and managing director of CFAL Group, operator of the Hungry Jack’s chain, which holds the master franchise for Burger King in Australia. — Bloomberg
