Domino's shares slide after Japan leadership transition announced
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More news: Domino's shares lowered in morning trade after the pizza chain announced its Japan CEO Martin Steenks will transition to the role of chief operating officer, with the group's Asia chief executive Josh Kilimnik replacing him in the interim.
Domino's shares were down 2.2% to $21.77 at 11:50am AEST, having retreated more than 40% over the last 12 months.
Domino's confirms leadership changes in Japan to 'support turnaround'
The news: Pizza chain Domino's has announced that the chief executive of its Japan business, Martin Steenks, will transition to chief operating officer, effective immediately.
Asia CEO Josh Kilimnik will assume interim chief executive responsibilities for Japan while a global search takes place for the permanent appointment.
Domino's also confirmed that former Coles, Metcash and Lendlease executive George Saoud will join the company on 2 July, commencing as group chief financial officer from September, following the retirement of current CFO Richard Coney.
The context: Domino's said that with Steenks' expatriate visa due to conclude in 12 months, he will transition to Japan COO, continuing in-market and focused on driving operation improvements and franchisee performance.
The search for his successor will prioritise a locally-based Japanese national with "proven turnaround and operational expertise", the company said, with the process expected to conclude within six months.
Domino's — which in February confirmed it will close 205 loss-making stores, including 172 in Japan — said the personnel changes reflect its commitment to strengthening execution in Japan and ensuring the business has the right leadership structure to deliver sustainable performance.
What they said: "These changes are about having the right people in the right roles to improve store-level performance and better support our franchisees in Japan," said group CEO and managing director Mark van Dyck.
"This leadership transition allows Martin to focus on driving operational improvements while we recruit a permanent CEO with deep local knowledge and commercial experience."
The source: ASX
