Domino's Pizza CEO Mark van Dyck calls it quits after eight months as share prices fall dramatically leaving company in strife
His resignation comes as Domino's shares plummeted to 17.6 per cent since the stock market opened at 10am, adding to the company's share losses of 50 per cent over the last 12 months.
Mr van Dyck is due to leave the company on December 23, after he replaced Domino's long-term chief executive and managing director Don Meij in November last year.
The reason behind Mr van Dyck's departure is not yet known.
Chairman Jack Cowin, 83, will now take over executive duties of the multi-billion-dollar pizza chain.
'To support a smooth and effective transition, chairman Jack Cowin will assume the role of executive chair on an interim basis, effective immediately, to work with Mr van Dyck and the executive team over the coming months,' the company said on Wednesday.
'Mark has made a valuable contribution to Domino's during a period of significant operational reset. With the strategic foundations now firmly in place, this transition enables a new CEO to take Domino's to its next stage of growth,' Cowin added.
Domino's was in the process of a major business restructure much of which had been led by Mr van Dyck after he stepped into the leadership role.
Those plans have now been left in disarray as he exits the company.
In February Domino's fronted the ASX and announced it would be shutting down 205 of its unprofitable stores globally in a bid to improve the company's long-term profitability.
The move was expected to save the struggling company approximately $15.5 million, but stock fell 12 per cent on the same day of the announcement.
At the time Mr van Dyck said the "decisive action" was necessary for the Domino's to reach its "potential".
'Some of our Covid-period expansion resulted in stores that simply weren't optimal based on our current customer proposition, and removing them will strengthen our network," he said previously.
'Where change is required, we are acting quickly and transparently.
'Our priority remains clear, creating value for customers, franchise partners, and shareholders."
Domino's has suffered considerable losses in recent years following Covid-19 and its expansion of franchises into Japan which was not met with heightened popularity as expected.
Following his resignation, Van Dyk said: "It has been a privilege to lead Domino's through a transformative period."
'With a clear strategy and strong team in place, I believe the time will be right at the end of this calendar year to hand over to the next CEO. My focus in the months ahead will be on supporting a smooth transition.'
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