Latest news with #MarkvanDyck
Yahoo
3 days ago
- Business
- Yahoo
Domino's Australia franchise CEO to step down by end of 2025
Domino's Pizza Enterprises, the master franchisee of Domino's Pizza in Australia, has confirmed that its CEO and managing director, Mark van Dyck, will resign before the end of 2025. Reuters reports that van Dyck, a former Coca-Cola executive, who succeeded long-serving CEO Don Meij in November 2024 amid challenging post-Covid-19 sales conditions, initiated a turnaround strategy over his eight-month tenure. He closed low-performing stores and introduced cost-reduction measures to stabilise the business. Van Dyck's resignation will take effect on 23 December 2025. The company has commenced a global search for his successor. In the meantime, Jack Cowin, the firm's chairman and largest shareholder, will serve as interim executive chair. Cowin, who has more than five decades of experience in the quick-service restaurant sector, played a pivotal role in establishing KFC in Australia and expanding Domino's into Europe and Asia. He leads Competitive Foods Australia, which operates 480 Hungry Jack's restaurants — the Australian franchise of Burger King — employing more than 25,000 people across Australia and New Zealand, according to a Forbes report. Cowin was quoted by Forbes: '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.' Domino's Pizza Enterprises holds master franchise rights for Domino's Pizza in 12 countries across Asia and Europe, and in New Zealand, with Japan accounting for roughly one-fifth of its store portfolio. "Domino's Australia franchise CEO to step down by end of 2025" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Recorder
4 days ago
- Business
- Business Recorder
Real estate stocks, miners propel Australian shares higher
Australian shares rose on Wednesday, helped by mining stocks due to a rise in commodity prices, while favourable interest rate cut expectations from the Reserve Bank of Australia provided a boost to real estate stocks. The S&P/ASX 200 index rose 0.4% to 8,577.0 points by 0050 GMT. Rate sensitive real estate stocks led gains among Australian equities, rising 1%, after taking cues from expectations of a imminent rate cut from the central bank when it meets next week. Swaps indicate a 95.1% chance of a quarter-point cash rate reduction at the central bank's monetary policy meeting next week. Lower borrowing costs would put more money into consumers' hands, boosting property demand. Financial stocks were largely unchanged, likely taking a breather after a stellar run so far this year. Top bank Commonwealth Bank of Australia and Westpac rose 0.3% each, while National Australia Bank gained 1%. Markets are now awaiting the retail sales data for May due later in the day after a dip in April raised concerns about consumer spending. Investors also await US economic data this week, to gauge the outlook of interest rate cuts from the Federal Reserve. In Sydney, mining stocks rose 0.9% after strong manufacturing data from China, Australia's top trading partner, boosted copper prices to a three-month high on Tuesday. Shares of BHP Group and Rio Tinto rose 1.2% and 0.6%, respectively. Higher oil prices boosted energy stocks, which rose 0.3%. Sector majors Woodside Energy and Santos rose 0.3% each. Shares of Australian pizza chain operator Domino's Pizza Enterprises fell as much as 19% to become one of the top losers in the benchmark index after the firm said its group CEO Mark van Dyck would be stepping down. Airline operator Qantas shares fell 3.7% after it confirmed a cyber incident at one of its contact centres impacting customer data. New Zealand's benchmark S&P/NZX 50 index rose 0.4% to 12,789.55.
The Australian
4 days ago
- Business
- The Australian
Domino's Pizza CEO quits as Hungry Jacks boss takes over
Domino's Pizza has lost its chief executive after seven months, leaving its company restructure and share price in disarray as investors worry about the future direction of the pizza chain. The news triggered a 17 per cent share price drop on Wednesday morning, after falling 40 per cent over the last year as earnings sour and a long line of executive departures, including two CEOs in the space of seven months. The shock departure of the CEO and concerns were heightened as to the future direction of the pizza chain and its much-needed revitalised strategy to revive its flagging sales and profitability. Domino's dropped the bombshell on the market before it opened on Wednesday that Mark van Dyck – who only joined as CEO in November to replace long-serving boss Don Meij – had told the board he intended to leave the company, with his departure to take effect on December 23. He has also stepped down from Domino's as a director, effective immediately. No explanation for his sudden reason to depart the pizza maker was given, other than a short statement from Mr van Dyck that he was privileged to lead Domino's through a 'transformative period'. Domino's chairman, billionaire and its largest shareholder Jack Cowin told The Australian on Wednesday morning that the Domino's business was travelling fine and was meeting its consensus forecasts, but that this was simply a 'management change' as CEO Mr van Dyck was looking for something different 'at this stage of his life'. 'Well, he just decided that at this stage of his life in six months time he would like to move on,' Mr Cowin told The Australian. The billionaire founder of Hungry Jack's, Domino's chairman and its largest shareholder, told The Australian Mr van Dyck had first joined Domino's as a consultant and then stepped into the CEO role when its former boss Don Meij left in November. 'He was brought in to do some specific things, which he has done, like set up the strategy, closed some stores that were losing money and he's done that and so the question is do you now move into a new stage of execution of some of the ideas that we want to work on. 'The business continues and there is no great drama here.' Domino's didn't issued a trading update with the announcement of its CEO quitting, but Mr Cowin confirmed to The Australian the pizza company was meeting consensus forecasts. The Australian contacted former CEO Mr Meij who is currently in Denver, US, for a business trip. He told The Australian he was unaware of the news of Mr van Dyck stepping down or what had happened at his former company. He declined to comment on the matter. Mr Meij left the company late last year after 22 years as CEO but in the wake of a string of profit downgrades and a collapsing share price. When Mr van Dyck was appointed as CEO in November he began knocking the company into shape which saw a string of executives depart, including the sister of Mr Meij, new executives hired and work begun on resetting the company which included the closure of 205 underperforming stores across Japan, Europe and Australia/New Zealand. But now Domino's must start again with a new CEO, when they are found, and a new strategy to lift the pizza maker out of the earnings doldrums. Taking the reins as interim CEO for the moment, will be Domino's chairman, largest shareholder, Mr Cowin, who will assume the role as executive chair as a global search begins for a CEO of Domino's whose pizza chains stretch from Australia and New Zealand to Japan, Germany and the Netherlands. The shock departure with no explanation will cause heartburn among investors who held out hope in Mr van Dyck and his stated plans when he joined about how he would set the former market darling company back on its growth trajectory after a tumultuous time on the market. 'It has been a privilege to lead Domino's through a transformative period,' Mr van Dyck said. '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.' There has been a slew of management changes at Domino's recently including recent departures of its Australia/New Zealand boss, resignations and reshuffles at its European and Japanese arms and the announced resignation of its previous CFO in February. Now it will rack up three CEO's in a year. Mr Cowin, who has spent more than five decades in the global quick-service restaurant sector, including being one of the founders of KFC in Australia, the founder of Hungry Jack's, and leading Domino's expansion into Europe and Asia, thanked the outgoing CEO. '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. I look forward to supporting the executive team during this important phase.' In February at its half-year results Domino's then new CEO Mr van Dyck said he believed Domino's still has huge opportunities in Japan, a $105bn fast-food market, but conceded the pizza chain grew too fast there and opened too many stores in the same prefecture, with heavy discounting diminishing the quality of pizza in the eyes of diners. Only three months into the role at the time, Mr van Dyck slammed the brakes on Domino's breakneck expansion under its former CEO Mr Meij, who took the Australia-based fast food business to Asia and Europe by buying and opening thousands of stores. Eli Greenblat Senior Business Reporter Eli Greenblat is a senior business reporter at The Australian and leads coverage for the paper on the retail and beverages industries as well as covering issues related to supermarket regulation and competition, consumer behaviour, shopping, online retail and food and grocery suppliers. He has previously written for The Age, Sydney Morning Herald and the Australian Financial Review. Retail Former Super Retail chair Sally Pitkin for the first time has officially personally denied the string of scandalous and salacious allegations made against her by twin whistleblowers, adding a new twist to the corporate saga. Companies For years, big investors have been calling out the rising influence of geopolitics on shares. The problem is no one knows how to quantify this.
Mint
4 days ago
- Business
- Mint
Domino's Australia Shares Sink as CEO Plans Exit After One Year
(Bloomberg) -- Shares of Domino's Pizza Enterprises Ltd. tumbled to their lowest since 2013 after the company said Group Chief Executive Officer and Managing Director Mark van Dyck will step down after just one year in the role. The stock fell as much as 26% in Sydney on Wednesday 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. 'This announcement is a surprise and adds to the uncertainty' at a time when Domino's is attempting to reset its business, Morgan Stanley analysts wrote in a note. 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. The board is undertaking a global search process for a new group CEO, it said in a statement. Van Dyck oversaw the closure of 205 underperforming stores in Europe, Japan, Australia and New Zealand. '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,' Van Dyck said in the statement. The company's ANZ CEO Kerri Hayman will step down in August, it said in May. (Updates share price move, adds analyst comments in 3rd paragraph) More stories like this are available on
AU Financial Review
5 days ago
- Business
- AU Financial Review
Qantas hacked; Domino's CEO shock exit; Trump-Musk feud reignites
Want to get this in your inbox at lunchtime every weekday? Financial Review subscribers can sign up for The Brief newsletter here. Plus start your day with our Before the Bell newsletter and read a full wrap of the day's news in Market Wrap. In today's news, personal data of 6 million Qantas customers could have been stolen in a cyberattack, Domino's CEO Mark van Dyck makes a sudden exit, and the Trump-Musk feud over the president's big tax and spending bill has erupted again.
