Domino's Pizza Enterprises (ASX:DMP) has announced the retirement of its long-serving CEO, Don Meij, effective 6 November 2024. Meij, who began his career as a pizza delivery driver in 1987, has worked for almost 40 years with the company.
Under Meij's leadership, Domino's became Australia's largest and first publicly listed pizza chain in 2005 with sales of $300m, and expanded into a global enterprise with over 3,700 outlets across 12 markets, with sales today in excess of $4bn.
The company has appointed Mark van Dyck as the new global leader, effective immediately. Van Dyck brings extensive experience in the food and beverage industry, having previously held senior leadership roles in multinational corporations.
This leadership transition comes as Domino's navigates a period of strategic realignment. In August 2024, the company reported a 3% increase in Earnings Before Interest and Taxes (EBIT) to $207.7m, alongside a 4.6% rise in network sales to $4.19bn. However, challenges in markets such as Japan and France, where store closures impacted overall performance, have prompted a reassessment of strategies.
In September 2024, Domino's faced a shareholder class action alleging misleading statements regarding its Japanese market performance in 2021. The company has denied any liability and intends to defend against the proceedings.
Despite these hurdles, Domino's has demonstrated resilience in its core markets. The Australian and New Zealand operations reported a 10.4% increase in underlying EBIT, bolstered by improved customer satisfaction and enhanced operational efficiencies.
