Australia’s largest pizza chain has been hammered by investors after announcing its global chief executive, who has only been in the job for eight months, would be leaving the business at the end of the year, extending a list of CEOs headed for the door.
Mark van Dyck, a former Coca-Cola executive, stepped into the global CEO role in November to replace long-time boss Don Meij, who came under pressure in the final year of his 22-year tenure over underperforming stores in Europe and Asia.
The company’s share price plunged more than 25 per cent at the news of Van Dyck’s departure, which deepens the leadership crisis and instability that has rocked the pizza chain.
Outgoing CEO Mark van Dyck was making tough decisions to close underperforming stores and improve sales.Credit: Peter Wallis
Van Dyck will depart the business on December 23. Domino’s chairman and key shareholder Jack Cowin, who brought the Hungry Jack’s chain to Australia, is stepping in as executive chairman in the interim as a global recruitment hunt begins.
“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 said in a statement to the ASX.
Van Dyck said it had been a privilege to lead Domino’s through a period of transformation. One of his first moves as CEO was to close 200 underperforming stores, predominantly in Japan, some in Europe and four in Australasia.
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“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,” he said in the statement.
Domino’s Pizza Enterprises has the master franchise rights to own and operate Domino’s in Australia, New Zealand, France, Belgium, the Netherlands, Monaco, Luxembourg, Germany, Japan, Malaysia, Singapore, Taiwan and Cambodia.
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