Domino's shares tumble as CEO Mark van Dyck quits
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More news: Domino's shares plummeted at market open after the pizza chain announced the resignation of CEO and managing director Mark van Dyck after just eight months at the helm.
Shares were down 17.6% to $16.59 at 10:50am AEST, extending losses to more than 50% over the last 12 months.
Domino's CEO Mark van Dyck resigns after 8 months in charge
The news: Pizza chain Domino's has announced the resignation of group CEO and managing director Mark van Dyck, after only eight months in the role.
The context: Van Dyck, who will leave the company on 23 December, was appointed CEO in November last year following the retirement of long-time chief executive and managing director Don Meij.
As part of the transition, van Dyck will step down as a director today, but continue to support the board and management until his departure at the end of the year.
Domino's shares have slumped nearly 40% during van Dyck's tenure, despite spiking more than 20% in a single session in February after the company announced the closure of 205 loss-making stores.
Chairman Jack Cowin will assume the role of executive chair on an interim basis, effective immediately.
Cowin is the company's largest shareholder, and also chairman and managing director of CFAL, operator of Hungry Jack's.
What they said: "Mark has made a valuable contribution to Domino's during a period of significant operational reset," said Cowin.
"With the strategic foundations now firmly in place, this transition enables a new CEO to take Domino's to its next stage of growth."
The source: ASX
